Tioga-Franklin Savings Bank becomes fifth bank failure of 2026!
Tioga-Franklin Savings Bank in Philadelphia becomes the fifth bank failure of 2026. The bank had $68 million in assets as of June 30th. The FDIC estimates that the failure will cost the Deposit Insurance Fund approximately $5.5 million. Second Federal Savings and Loan Association assumed all the single branch bank’s deposits and most of its assets. The FDIC acted as receiver. Tioga-Franklin Savings was founded in 1873 and was one of about 22 black-owned banks in the U.S. The bank was plagued by deficiencies that were identified starting back in 2023. Despite being under a regulatory consent…
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