Jennygirl
02-08-2007, 10:04 AM
LAWRENCEVILLE, Pa. -- Some lost hundreds of thousands of dollars in the blink of an eye when a bank in Lawrenceville was forced to shut down, accused of operating in an unsound and unsafe manner.
Dozens of Metropolitan Bank customers are now trying to recoup some of their cash, which totals over $1.2 million.
"You sort of trusted your neighborhood bank," said customer Allan Becer. "It's been there for a long time, since the 1890s. You're sort of trying to work within your neighborhood at the bank where you grew up, and you don't expect this is going to happen."
The Federal Deposit Insurance Corporation will insure up to $100,000 of customers' money in the bank, but anything over that, customers will have to fight to recover.
There's no guarantee how much of the money would be recovered though.
Metropolitan Savings is a one-location community bank. It's unclear what went wrong, but the FDIC has said it was mismanaged.
If there's a lesson here, it's if you have more than $100,000 in a bank, make sure you do what you can to separate your accounts and get it all insured.
Allegheny Valley Bank bought Metropolitan Savings. Customers with accounts at the old bank can operate just like they did before but with much less money.
The new bank is working with the old customers to keep their money safe in the future.
"When you come in, if you've got more than $100,000, our people actively work with you to make sure you have full degree of FDIC insurance," said CEO Andy Hasley
Dozens of Metropolitan Bank customers are now trying to recoup some of their cash, which totals over $1.2 million.
"You sort of trusted your neighborhood bank," said customer Allan Becer. "It's been there for a long time, since the 1890s. You're sort of trying to work within your neighborhood at the bank where you grew up, and you don't expect this is going to happen."
The Federal Deposit Insurance Corporation will insure up to $100,000 of customers' money in the bank, but anything over that, customers will have to fight to recover.
There's no guarantee how much of the money would be recovered though.
Metropolitan Savings is a one-location community bank. It's unclear what went wrong, but the FDIC has said it was mismanaged.
If there's a lesson here, it's if you have more than $100,000 in a bank, make sure you do what you can to separate your accounts and get it all insured.
Allegheny Valley Bank bought Metropolitan Savings. Customers with accounts at the old bank can operate just like they did before but with much less money.
The new bank is working with the old customers to keep their money safe in the future.
"When you come in, if you've got more than $100,000, our people actively work with you to make sure you have full degree of FDIC insurance," said CEO Andy Hasley