Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows

[BumRushDaShow]

23. Yup

I know a couple more holes were poked in the wall yesterday, a day after that hike - https://www.democraticunderground.com/10143070095

I had wondered who else after First Republic...? And I got my answer!

I am on my 5th bank after starting 40+ years ago with a (commercial) bank that had been around since the 1700s (First Pennsylvania). My parents had their mortgage and accounts there (before then, us kids had savings accounts at PSFS and then Western Savings).

Third Largest Bailout Set Up For Pa. Bank

By Nancy L. Ross
April 29, 1980

Federal financial regulators yesterday announced a $500 million rescue of First Pennsylvania Bank of Philadelphia, the third largest bailout in U.S. banking history. In addition, other banks have agreed to furnish First Pennsylvania with a $1 billion line of credit to help keep the bank afloat.

First Pennsylvania is the largest bank in Philadelphia and the 23rd largest in the nation. Federal Deposit Insurance Corp. chairman Irvine H. Sprague said the bailout was essential to "providing general confidence in the banking system of our country." Sprague called First Pennsylvania an isolated incident and said, "we don't project additional significant problems."

Federal officials said the only bailouts bigger than First Pennsylvania were Franklin National Bank in New York in 1974 and U.S. National Bank in San Diego in 1973.

The federal rescue-plan is unique in that it is dependent upon assistance from the private sector. The $500 million aid package consists of a $325 million five-year loan from the FDIC plus $175 million in five-year loans from 22 major U.S. banks. This is in addition to the $1 billion line of credit. The FDIC refused to speculate what would have happened if these banks had not made the loans but stressed that letting First Pennsylvania go bankrupt was not considered.

(snip)

https://www.washingtonpost.com/archive/politics/1980/04/29/third-largest-bailout-set-up-for-pa-bank/fe53f870-34ec-44bd-be2d-7043cefde2a1/

They eventually became "regional" as part of Corestates -

Corestates and First Pennsylvania to Merge

AP

Sept. 19, 1989

The Corestates Financial Corporation and the First Pennsylvania Corporation agreed today to merge in a $730 million deal.

The merger, which is subject to shareholder and regulatory approval, would create a Philadelphia banking organization with almost $23 billion in assets. It would also be a force in the consumer, trust and credit card markets, and a leader in the processing of financial transactions in the mid-Atlantic region.

The tax-free $18.75-a-share stock-for-stock deal includes all of First Pennsylvania's nearly 39 million oustanding common shares and equivalents like convertible stock.

A rival bidder for First Pennsylvania, Meridian Bancorp Inc., said the deal amounted to less than its offer. The deal also ended an earlier agreement for First Pennsylvania to be acquired next spring by Marine Midland Banks Inc., the New York-based unit of the Hongkong and Shanghai Banking Corporation of Hong Kong.

(snip)

https://www.nytimes.com/1989/09/19/business/corestates-and-first-pennsylvania-to-merge.html

Then Corestates was gobbled up by First Union - and First Union was munched by Wachovia, who was then taken over by Wells Fargo during that 2008 melt-down.