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TWO BANKS CLOSED FRIDAY BY STATE TO REOPEN TODAY

 TWO BANKS CLOSED FRIDAY BY STATE TO REOPEN TODAY
 HARRISBURG, Pa., April 20 /PRNewswire/ -- State Banking Secretary


Sarah W. Hargrove today announced that two banks closed Friday by the Pennsylvania Department of Banking will reopen today as newly chartered and federally insured state banks.
 The new Knoblauch State Bank, based in Reading, and Marian State Bank, Philadelphia, will open at 9 a.m. at all locations of the former banks. Deposits will be insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).
 A team of banking officials worked with representatives of the FDIC throughout the weekend to obtain the federal deposit insurance so that the new banks would open with no interruption in service.
 "I want to extend my thanks to the staffs of the FDIC and the state banking department for working around the clock throughout the holiday weekend so this transaction could be completed and the banks reopened," Hargrove said.
 Both Knoblauch State Bank and Marian State Bank are wholly owned by the State Workmen's Insurance Fund (SWIF). SWIF, which is authorized under law to make such an investment, has provided the funds to capitalize the new banks.
 A new management team headed by John Brine, Harvard MBA and former chief financial officer of First Pennsylvania Bank, Philadelphia, will operate both institutions.
 Customers who had deposits that exceeded $100,000 at the closed banks will be contacted and told how to file a claim for amounts that may be uninsured.
 /delval/
 -0- 4/20/92
 /CONTACT: Stephanie G. Maurer of the Department of Banking, 717-783-4721/ CO: Pennsylvania Department of Banking; Knoblauch State Bank;
 Marian State Bank ST: Pennsylvania IN: FIN SU:


MK -- PH014 -- 9948 04/20/92 10:21 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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