Episode Details

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 order since 2024, the bank was not able to adequately address its issues. This episode reviewed an article from Banking Dive titled “Philly lender becomes fifth bank to fail in 2026.” A link to the article is included below.

Link: Philly lender becomes fifth bank to fail in 2026 | Banking Dive