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How Pennsylvania banks compare to Silicon Valley Bank

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How Pennsylvania banks compare to Silicon Valley Bank


PITTSBURGH (KDKA) – How sudden and stunning was Silicon Valley Financial institution’s failure Friday, even to shut observers? One technique to reply that query: The financial institution wasn’t talked about even as soon as in Thursday morning editions of The Wall Road Journal.

Now, because the world goes to sleep Sunday night time with issues about “contagion” referring for the primary time in years to not a literal virus however to the potential of extra financial institution failures, consultants and customers alike are attempting to determine what’s subsequent.

First and most essential: Anybody with lower than $250,000 in any checking account insured by the Federal Deposit Insurance coverage Company, or FDIC, is protected even when that particular person’s financial institution fails. Account holders in that state of affairs at Silicon Valley Financial institution (SVB) had been all the time going to have full entry to their cash Monday morning, even earlier than Federal officers introduced Sunday night time safety for all SVB account holders, no matter how a lot is of their accounts.

For anybody questioning how many individuals have greater than $250,000 in a checking account (cash that was unprotected at SVB and that continues to be unprotected at different banks) the reply at most banks– however not at SVB – is just not too many.

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Simply 6% of cash on home deposit at SVB was protected by FDIC insurance coverage as of Dec. 31, 2022, in response to a CBS Information evaluation of FDIC knowledge. Against this, in any respect Pennsylvania-based banks, the equal insured-funds figures ranged from 36% at Republic Financial institution in Philadelphia – six occasions the SVB determine – to completely 95% at Somerset Belief. In different phrases, practically all the cash there’s below the $250,000 FDIC threshold.

At Pennsylvania’s largest financial institution and America’s sixth-largest, Pittsburgh-based PNC Financial institution, the determine is 55%.

SVB was America’s sixteenth largest financial institution, ranked by deposits, primarily based on U.S. Federal Reserve knowledge. Republic Financial institution is the 209th largest. Somerset Belief is the 477th largest.

The equal figures for all 71 Pennsylvania deposit banks with branches are within the chart under.

“SVB was uncommon in its heavy reliance on uninsured deposits by a concentrated group of VCs [venture-capital firms] and startups,” former FDIC Chair Sheila Bair informed CBS Information Sunday. “As soon as a number of began to run, they inspired others. Phrase unfold quick.”

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Banks revenue by taking among the cash on deposit and lending it to different folks and companies, charging them curiosity. So banks not often come up with the money for available to provide all depositors all their cash directly, however that is not often an issue as a result of depositors not often demand a lot cash directly. After they do, it is known as a “financial institution run.” Financial institution runs helped convey in regards to the nice despair – which, in flip, led to the creation of the FDIC to revive client confidence in banks.

SVB’s failure was the second-largest U.S. financial institution failure in historical past, behind the 2008 failure of Washington Mutual Financial institution. Tons of of American banks failed throughout the 2008-09 international monetary disaster. Against this, not one American financial institution failed in all of 2021 and 2022.

On Sunday, a second financial institution – New York’s Signature Financial institution – failed. Positive sufficient, simply 11% of Signature Financial institution’s cash on deposit was FDIC insured, among the many lowest figures of any American financial institution apart from SVB’s 6%.

As for different “regional banks,” as banks comparable to SVB are sometimes known as?

“Most regional banks have a various set of depositors: households who stay under insured limits or loyal establishments which have longstanding, multiple-product relationships with the financial institution,” Bair mentioned. “These ‘core’ deposits usually are not susceptible to run.”

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Listed here are all Pennsylvania deposit banks with branches, ranked by dimension and exhibiting the share of their deposited funds lined by FDIC insurance coverage, with SVB additionally listed for comparability:

Nat’l rank by whole deposits

Financial institution title

Location in Pennsylvania

Proportion of home deposits FDIC insured

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6

PNC Financial institution

Pittsburgh

55%

16

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Silicon Valley Financial institution

Santa Clara, Calif.

6%

50

FNB

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Pittsburgh

54%

72

Fulton Financial institution

Lancaster

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67%

86

Clients Financial institution

Phoenixville

51%

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137

First Commonwealth Financial institution

Indiana

74%

151

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S&T Financial institution

Indiana

66%

177

Univest

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Souderton

46%

209

Republic Financial institution

Philadelphia

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36%

222

CNB Financial institution

Clearfield

61%

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248

Mid Penn Financial institution

Millersburg

58%

294

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Peoples Safety Financial institution

Scranton

91%

346

Orrstown Financial institution

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Shippensburg

80%

388

ACNB Financial institution

Gettysburg

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86%

394

C&N

Wellsboro

66%

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409

Constancy Financial institution

Dunmore

55%

417

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First Residents Neighborhood Financial institution

Mansfield

61%

432

PeoplesBank

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York

81%

457

Meridian Financial institution

Paoli

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52%

464

Wayne Financial institution

Honesdale

89%

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477

Somerset Belief

Somerset

95%

479

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NexTier Financial institution

Kittanning

48%

506

Ephrata Nationwide Financial institution

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Ephrata

77%

534

FNCB Financial institution

Dunmore

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73%

539

F&M Belief

Chambersburg

92%

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551

QNB

Quakertown

66%

555

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Embassy Financial institution

Bethlehem

62%

608

Jersey Shore State Financial institution

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Williamsport

57%

623

Neighborhood Financial institution

Carmichaels

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71%

642

AmeriServ Financial institution

Johnstown

71%

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644

1st Summit Financial institution

Johnstown

68%

656

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First Keystone Neighborhood Financial institution

Berwick

55%

677

Kish Financial institution

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Belleville

83%

690

The First Nationwide Financial institution & Belief

Newtown

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78%

740

LinkBank

Camp Hill

65%

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745

Financial institution of Chook-in-Hand

Chook in Hand

75%

802

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Malvern Financial institution

Paoli

74%

828

First Northern Financial institution and Belief

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Palmerton

69%

853

The Dime Financial institution

Honesdale

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75%

878

First Columbia Financial institution & Belief

Bloomsburg

88%

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889

American Financial institution

Allentown

69%

891

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Honesdale Nationwide Financial institution

Honesdale

77%

936

Jonestown Financial institution and Belief

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Jonestown

82%

967

Juniata Valley Financial institution

Mifflintown

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82%

1013

Atlantic Neighborhood Bankers Financial institution

Camp Hill

44%

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1019

Traditions Financial institution

York

74%

1094

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Pennian Financial institution

Mifflintown

75%

1119

Northumberland Nationwide Financial institution

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Northumberland

79%

1206

Muncy Financial institution & Belief

Mucny

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72%

1233

New Tripoli Financial institution

New Tripoli

75%

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1241

Woodlands Financial institution

Williamsport

69%

1242

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Mauch Chunk Belief Firm

Jim Thorpe

74%

1367

Susquehanna Neighborhood Financial institution

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West Milton

70%

1374

Mercer County State Financial institution

Sandy Lake

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81%

1378

Luzerne Financial institution

Luzerne

75%

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1386

Mifflinburg Financial institution & Belief

Mifflinburg

76%

1387

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PS Financial institution

Wyalusing

77%

1444

First Useful resource Financial institution

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Exton

77%

1449

Mars Financial institution

Mars

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68%

1549

Neffs Nationwide Financial institution

Neffs

84%

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1589

Neighborhood State Financial institution

Orbisonia

91%

1592

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Asian Financial institution

Philadelphia

66%

1615

Hamlin Financial institution & Belief

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Smethport

85%

1675

Victory Financial institution

Limerick

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68%

1704

Business Financial institution & Belief

Latrobe

84%

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1781

Marion Heart Financial institution

Indiana

88%

1827

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Fleetwood Financial institution

Fleetwood

88%

1858

Financial institution of Landisburg

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Landisburg

83%

1905

First United Nationwide Financial institution

Fryburg

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81%

1926

Elderton State Financial institution

Elderton

78%

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1970

Hometown Financial institution

Bedford

77%

2003

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Hyperion Financial institution

Philadelphia

54%

Source: CBS Information evaluation of Federal Reserve and FDIC knowledge

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Pennsylvania

Pennsylvania teacher arrested in Russia on drug charges is wrongfully detained: US officials

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Pennsylvania teacher arrested in Russia on drug charges is wrongfully detained: US officials


A Pennsylvania history teacher arrested in Russia on drug charges has been officially designated as wrongfully detained, US officials announced Friday.

Marc Fogel, a husband and father of two, was arrested in 2021 when he and his wife flew to Russia to teach. He was caught at the airport with what his family said was medically prescribed marijuana that he took for chronic back pain.

Fogel is currently serving a 14-year prison sentence.

The US State Department determined in October that Fogel was wrongfully detained but just confirmed the designation Friday.

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Marc Fogel, a history teacher from Pennsylvania, is serving a 14-year prison sentence after being arrested in 2021 at a Russian airport.

Fogel was omitted from a prisoner swap in August that included the release of Wall Street Journal reporter Evan Gershkovich, corporate security executive Paul Whelan and others.

“The United States has been working to secure Marc Fogel’s release for some time,” the State Department said in a statement. “We have long called for his humanitarian release and tried to include him in the August 1 deal, but were unable to.”

In August, a prisoner swap between Russia and the US brought home Marine veteran Paul Whelan. AP
Wall Street Journal reporter Evan Gershkovich was detained in Russia in March 2023 and released in August. Russia State TV via Reuters

Fogel’s wife, Jane, and his sons, Ethan and Sam, said in a statement that “The State Department has finally acknowledged what we have known all along — that our husband and father, Marc Fogel, has and continues to be wrongfully detained.

“Now that we have the full force of the U.S. government behind us, we must do everything in our power to bring Marc home as quickly and safely as possible.”

Family members of Marc Fogel rallied outside the White House for his release in July 2023. AP

The designation means the federal government is now legally required to work for his release. His case will be transferred to the Office of the Special Presidential Envoy for Hostage Affairs, which deals with hostage and detainee releases.

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In making the determination, the State Department considers factors, including if there is credible information that the person is innocent and if the country holding the prisoner is seeking to influence US policy or get concessions from the US government.

With Post wires



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Pennsylvania

Election, Olympics, Mangione, drones and more: The biggest stories of 2024

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Election, Olympics, Mangione, drones and more: The biggest stories of 2024


From the Keystone state’s pivotal role in the presidential election to a tragedy that shocked the NHL world to the capture of an alleged CEO killer, 2024 was an eventful year for the Philadelphia, New Jersey and Delaware region. Take a look at the biggest stories of the year below and watch NBC10’s look back at 2024 in the video embedded above!

Pennsylvania’s pivotal role during the presidential race and election 

The presidential race was arguably the biggest story of the year and Pennsylvania played a pivotal role. 

Republican Donald Trump was wounded during an assassination attempt at a campaign rally in Butler, Pennsylvania, over the summer. Trump and his Democratic opponent Kamala Harris also heavily focused on Pennsylvania – a key battleground state – throughout their campaigns with multiple rallies and in the case of Harris, a star studded campaign event in Philadelphia on election eve. 

Trump and Harris also held their first and only presidential debate in Philadelphia.

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Ultimately, it was Trump’s victory in Pennsylvania that paved the way to him winning the presidential election. 

There were also plenty of viral moments during the presidential race, including a giant naked statue of Trump in Philadelphia as well as Philadelphia District Attorney Larry Krasner repeatedly warning potential election disruptors to “F around and find out.” 

CHOP doctor struck, killed while riding bike in Philly

The death of Dr. Barabara Friedes rocked Philadelphia’s biking community.

Friedes – a pediatric doctor who had just been named a chief resident at the Children’s Hospital of Philadelphia – was struck and killed by a driver while she was riding her bike in Center City over the summer. Police said the driver of the striking vehicle was speeding and collided with Friedes while she was riding in a designated bike lane.

The driver, Michael Vahey, was eventually arrested and charged with DUI.

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Friedes’ parents spoke out after their daughter’s death, stating they were working to ensure changes that will help keep bikers safe throughout the city. 

Philly-area and NJ athletes shine during the Olympics 

The 2024 Paris Olympics was a rousing success and the Philadelphia-area was represented well during the games. 

Philadelphia native Kahleah Copper and Pennsylvania Alyssa Thomas were members of the U.S. women’s basketball team that took home the Gold. 

Philadelphia 76ers star Joel Embiid also won Gold as a member of the U.S. men’s basketball team. 

New Jersey native Sydney McLaughlin-Levrone won Gold in the Women’s 4x400m event as well as the Women’s 400m hurdles. 

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Take a look at the full list of local winners here. 

A wild year in Philly sports

As usual, sports was a big story for Philadelphia this year. 

Both the Phillies and Eagles had promising starts to their seasons that ended in disappointment, with the Phils losing to the Mets in the NLDS and the Eagles losing six of their last seven games after starting the season 10-1. 

After the season ended, Eagles legend Jason Kelce announced his retirement.

Months after his retirement, Kelce was involved in a high profile incident off the field in which he was captured on video smashing a man’s phone after hearing a gay slur being directed at his brother, Travis, for dating star artist Taylor Swift.

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The Sixers’ promising start to the 2023-2024 season also ended in disappointment as the team struggled following an injury to Joel Embiid. They then fought their way from the play-in to the playoffs only to lose to the New York Knicks in a wild first-round series.

The Sixers’ troubles continued at the start of the 2024-2025 season with a losing record despite the acquisition of Paul George and issues for Embiid with lingering injuries and an altercation with a reporter. 

But the biggest Sixers story of the year happened off the court with the team’s controversial plan to move from the Wells Fargo Center in South Philadelphia and build an arena in Center City’s Market East neighborhood. 

City Council ultimately approved the $1.3 billion plan which has been met by continuous protests from residents living in the city’s Chinatown community. 

The deaths of Johnny and Matthew Gaudreau

The sports world suffered a major loss with the deaths of NHL star Johnny Gaudreau and his brother Matthew. Both brothers were riding their bikes in South Jersey on the eve of what was supposed to be their sister’s wedding in August when they were struck and killed by a car. 

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The driver, Sean Higgins, was arrested and charged with driving under the influence. 

After their deaths, tributes for the brothers poured out from the hockey community and beyond. 

Family tragedies in Bucks, Delaware counties 

Two horrific family tragedies rocked communities in Bucks and Delaware counties this year. 

In February 2024, Xuong Le killed five of his own family members before taking his own life in a shooting and house fire in East Lansdowne, officials said.

In April 2024, Andre Gordon allegedly killed his stepmother, Karen Gordon, his teen sister Kera Gordon and Taylor Daniel, the mother of his two children, in Bucks County, before being captured hours later in Trenton, New Jersey. 

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Spectacles above and below 

A pair of cosmic spectacles captured the entire region. 

In April 2024, a solar eclipse was visible across the United States, including in Pennsylvania and New Jersey, though it wasn’t quite as visible as people expected due to cloud cover.

A near-total solar eclipse over Philadelphia was obscured by cloud cover for some, just ask Flyers mascot Gritty. However, in places along the path of totality from Mexico to Texas to the Midwest, skies remained clear enough to see the celestial show. Plus, video shows a slashing attack on two South Jersey police officers. And, a Florida woman says she couldn’t believe it when an alligator walked into her home. Finally, cherry blossom season is in bloom in Philadelphia’s Fairmount Park. NBC10’s Keith Jones and Lucy Bustamante deliver The Lineup on Tuesday, April 9, 2024.

In October 2024, there was a rare sighting of the Northern Lights across the Philadelphia region. 

A geomagnetic storm led to the northern lights being visible Thursday night over Pennsylvania and New Jersey. Did you get a chance to see it?

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The spectacles weren’t just in the sky however. In April 2024, an earthquake hit New Jersey and its impact was felt throughout the East Coast, including Pennsylvania and Delaware. 

Our very own Brian Sheehan experienced an aftershock while preparing for his live shot, leading to a viral moment.

Pro-Palestinian protests on college campuses 

Amid the Israel-Hamas War, pro-Palestinian protests and encampments occurred at college campuses across the country throughout the year, including Drexel University and the University of Pennsylvania.

New Jersey wildfires and drones 

Autumn’s dry conditions led to several wildfires in New Jersey as fire crews fought flames throughout the Garden State. 

Camden County’s health director Caryelle Lasher caught up with NBC10’s Aaron Baskerville to discuss the impacts of the four wildfires in New Jersey. 

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Also in New Jersey, mystery drone sightings in November and December led to concerns from residents and politicians. 

Alleged CEO killer’s Philly connection 

University of Pennsylvania graduate Luigi Mangione was arrested in Pennsylvania after shooting and killing UnitedHealthcare CEO Brian Thompson outside of a New York City hotel, investigators said. 

Thompson’s murder and the subsequent search and capture of Mangione sparked a nationwide conversation about the healthcare system following the discovery of the alleged killer’s manifesto which was strongly critical of the healthcare industry. 





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Pennsylvania Lottery Mega Millions, Pick 2 Day results for Dec. 27, 2024

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The Pennsylvania Lottery offers several draw games for those aiming to win big. Here’s a look at Friday, Dec. 27, 2024 results for each game:

Winning Mega Millions numbers from Dec. 27 drawing

03-07-37-49-55, Mega Ball: 06, Megaplier: 3

Check Mega Millions payouts and previous drawings here.

Winning Pick 2 numbers from Dec. 27 drawing

Day: 8-8, Wild: 8

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Evening: 7-7, Wild: 7

Check Pick 2 payouts and previous drawings here.

Winning Pick 3 numbers from Dec. 27 drawing

Day: 6-6-2, Wild: 8

Evening: 6-8-3, Wild: 7

Check Pick 3 payouts and previous drawings here.

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Winning Pick 4 numbers from Dec. 27 drawing

Day: 9-3-6-5, Wild: 8

Evening: 8-3-8-7, Wild: 7

Check Pick 4 payouts and previous drawings here.

Winning Pick 5 numbers from Dec. 27 drawing

Day: 5-5-9-7-3, Wild: 8

Evening: 3-3-5-6-5, Wild: 7

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Check Pick 5 payouts and previous drawings here.

Winning Cash4Life numbers from Dec. 27 drawing

10-11-21-28-51, Cash Ball: 04

Check Cash4Life payouts and previous drawings here.

Winning Cash 5 numbers from Dec. 27 drawing

03-04-24-27-42

Check Cash 5 payouts and previous drawings here.

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Winning Treasure Hunt numbers from Dec. 27 drawing

06-10-11-19-24

Check Treasure Hunt payouts and previous drawings here.

Winning Match 6 Lotto numbers from Dec. 27 drawing

04-06-26-27-29-38

Check Match 6 Lotto payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

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Are you a winner? Here’s how to claim your lottery prize

  • Sign the Ticket: Ensure your ticket has your signature, name, address and phone number on the back.
  • Prizes up to $600: Claim at any PA Lottery retailer or by mail: Pennsylvania Lottery, ATTN: CLAIMS, PO BOX 8671, Harrisburg, PA 17105.
  • Prizes from $600 to $2,500: Use a Claim Form to claim at a retailer or by mail: Pennsylvania Lottery, ATTN: CLAIMS, PO BOX 8671, Harrisburg, PA 17105.
  • Prizes over $2,500: Mail your signed ticket with a Claim Form or in person at a Lottery Area Office (9 a.m. to 4 p.m.).

Lottery Headquarters is currently not open to the public. Visit the PA Lottery website for other office locations near you.

When are the Pennsylvania Lottery drawings held?

  • Powerball: 10:59 p.m. Monday, Wednesday and Saturday.
  • Mega Millions: 11 p.m. Tuesday and Friday.
  • Pick 2, 3, 4, 5: 1:35 p.m. and 6:59 p.m. daily.
  • Cash4Life: 9 p.m. daily.
  • Cash 5: 6:59 p.m. daily.
  • Treasure Hunt: 1:35 p.m. daily.
  • Match 6 Lotto: 6:59 p.m. Monday and Thursday.
  • Powerball Double Play: 10:59 p.m. Monday, Wednesday, Saturday.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Pennsylvania editor. You can send feedback using this form.



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