On August 21, the FDIC announced the Pennsylvania Department of Banking and Securities closed a Philadelphia-based community bank, appointing the FDIC as receiver. The FDIC entered into an agreement with another Philadelphia-based savings institution to assume all deposits and purchase substantially all assets of the bank. The FDIC announced that the closed-bank’s sole branch would re-open on August 24 under the name of the new savings institution, and deposits at the bank will continue to be insured by the FDIC. The bank had reported assets of $68 million and deposits of $67 million as of June 30, according to the release. The FDIC estimates that the failure will cost the Deposit Insurance Fund approximately $5.5 million.