Vantage Point Bank, based in Horsham, has failed.
Vantage Point is the sixth area bank to fail since the recession began in 2008, Philadelphia Business Journal reported.
The bank’s sole location, in Horsham, was shuttered Friday by the Pennsylvania Department of Banking and Securities, which then appointed the Federal Deposit Insurance Corporation to be in charge, the Business Journal reported.
The FDIC contracted with First Choice Bank of Mercerville, N.J., to assume deposits of Vantage Point.
The Horsham location opened Monday morning as a branch of First Choice Bank, the Business Journal said. All Vantage Point customers will now be customers of First Choice.
Deposits were and continue to be insured by the FDIC.
The FDIC told the Business Journal that it estimated the cost of the bank failure to the Deposit Insurance Fund to be about $8.5 million.
Former Vantage Point Customers should use only the Horsham location until the full system transition has been completed, the FDIC warned. Customers will be alerted when they can begin using all of First Choice’s locations for their banking needs.