Vantage Point Bank of Horsham, Pennsylvania was closed Friday by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver.
The FDIC entered into a purchase and assumption agreement with First Choice Bank of Mercerville, New Jersey to assume all of the deposits of Vantage Point Bank. First Choice Bank will pay the FDIC a premium of 1.5 percent to assume the deposits of Vantage Point Bank, and agreed to purchase all of the failed bank’s assets.
The sole branch of Vantage Point Bank will reopen as a branch of First Choice Bank during normal business hours.
The release noted, "The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.5 million."
Vantage Point Bank is the fifth FDIC-insured institution to fail this year. Millennium Bank, National Association was the fourth bank closed, also on Friday.
The last bank closed in Pennsylvania was NOVA Bank, Berwyn, on October 26, 2012.