Founded on December 20,1816, in Philadelphia, Pennsylvania, PSFS changed its corporate name to Meritor Savings Bank in 1986, was seized by the FDIC on December 11,1992 and sold to Mellon Financial Corporation.
Founded on December 20,1816, in Philadelphia, Pennsylvania, PSFS, or the Philadelphia Savings Fund Society, was the first savings bank in the United States. On December 11 1992, the bank was seized by the FDIC and sold to Mellon Financial Corporation.