And here we go boys and girls, once again.
Is this the start of the 13 plus per month like we saw in the teeth of the Great Financial Crisis (aka depression we couldn’t call it that because political correctness had already taken over)?
Maybe.
But President Trumpus has a problem and I guess he didn’t fire enough bank examiners to prevent this from indicating more economic weakness. From the FDIC website:
Second Federal Savings and Loan Association of Philadelphia Assumes All Deposits of Tioga-Franklin Savings Bank, Philadelphia
August 21, 2026
WASHINGTON—Tioga-Franklin Savings Bank in Philadelphia was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into an agreement with Second Federal Savings and Loan Association of Philadelphia to assume all deposits and purchase substantially all assets of Tioga-Franklin Savings Bank.
As of June 30, 2026, Tioga-Franklin Savings Bank reported total assets of $68 million and total deposits of $67 million.
Tioga-Franklin Savings Bank’s sole branch will reopen as a branch of Second Federal Savings and Loan Association of Philadelphia during its normal business hours on Monday, August 24, 2026. Depositors of Tioga-Franklin Savings Bank will automatically become depositors of Second Federal Savings and Loan Association of Philadelphia. The deposits assumed by Second Federal Savings and Loan Association of Philadelphia will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.
Customers of Tioga-Franklin Savings Bank will have immediate access to their deposits. Over the weekend, they can access their deposits by writing checks or using ATM or debit cards. Checks drawn on Tioga-Franklin Savings Bank will continue to be processed. Loan customers should continue to make their payments as usual.
The FDIC preliminarily estimates that the failure will cost the Deposit Insurance Fund approximately $5.5 million. The estimate will change over time as retained assets are sold.
Another Friday. Another minority owned bank. Another deep blue city. But this one was 150 years old so perhaps as the damage becomes public the American public will find out more.
Thankfully real estate is still sold if one believes the media so the banks can not possibly fail that fast.
My readers can quit laughing now.
