FDIC shuts down Nova Bank

The Federal Deposit Insurance Corp. took over Berwyn-based Nova Bank and closed it Friday after failing to find a buyer.

With nearly half a billion dollars in assets, Nova is the largest bank to fail locally in years.

All 12 Nova Bank branches were closed. Depositors, who had a total of $432.2 million at Nova branches as of June 30, will receive checks from the FDIC for the full amount in their accounts - as long as those accounts did not exceed $250,000.

Customers with more than $250,000 in Nova accounts will have to wait until the FDIC determines how much of the bank's deposits are uninsured.

Nova had operated branches in Berwyn and Exton, Chester County; Havertown and Media, Delaware County; Plymouth Meeting and Wynnewood, Montgomery County; Deptford and Woodbury Heights, Gloucester County; and at four Philadelphia locations - 1420 Locust St., 200 S. Broad St., 1695 Grant Ave., and 920 South St.

According to the FDIC's website, Nova employed 107 people as of June 30.

Nova is the 47th FDIC-insured institution to fail nationwide in 2012. It is also the first locally since regulators closed American Eagle Savings Bank, which had just $17.7 million in deposit in one branch in Boothwyn, Delaware County, on Jan. 10.

The FDIC said that it has made arrangements with National Penn Bank to accept direct deposits that Nova customers may have had for Social Security and veterans' benefits payments. Through Jan. 25, Nova customers who had been receiving such payments can go to the following National Penn branches: One Penn Center; East Falls; Norristown; Wynnewood; Paoli; Wayne; and Lionville.