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PSFS, or the Philadelphia Savings Fund Society, was the first savings bank in the United States. Founded on December 20, 1816, in Philadelphia, Pennsylvania, its former headquarters building at the corner of 12th & Market Streets was erected in 1932 and is widely considered the first International Modernist skyscraper.
PSFS, which 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. A lawsuit brought by Meritor's estate against the federal government regarding this seizure (Frank P. Slattery et al., v. the United States), alleging breach of contract, was successful, but as of February 2004, a ruling on damages is still pending.
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