The 93-year-old former CEO of Dwelling House Savings and Loan Association said Monday that other financial institutions stole from the Hill District icon -- a loss that could mean its doors will close after 119 years. Dwelling House has received a "corrective action directive" from its chief regulator, the Office of Thrift Supervision, mandating the S&L raise more capital by June 30 or risk closing or a forced merger.
Four scenarios are possible for Dwelling House Savings and Loan Association, as a Tuesday deadline to raise capital nears, experts said. One outcome to the Hill District financial icon's effort to raise money to recover from an electronic theft would be that the time limit comes, and goes, with no action taken. The other possibilities: to close, merge or sell the Herron Avenue thrift.
Federal regulators on Friday seized Dwelling House Savings and Loan Association, which was hobbled by Internet fraud, and turned the 119-year-old, minority-owned institution in the Hill District over to PNC Bank to operate. The one-office bank at Centre and Herron avenues will reopen Monday as a PNC branch, said the Federal Deposit Insurance Corp. The agency acted as the bank's receiver after the Office of Thrift Supervision closed the bank earlier in the day.
Myra Hill rallied to help the troubled Dwelling House Savings and Loan Association and its former chief executive, Robert Lavelle, on Friday because she remembers the help he extended her when others would not. It was 1974, I was a single mother, an Afro-American, and I was looking for a mortgage to buy a house," said Hill, 71, who left the Hill District to work in Washington, but returned after retirement to live in the Ebenezer Towers senior citizens complex.
Three more directors of Dwelling House Savings and Loan Association were fined Thursday by the Office of Thrift Supervision for failing to protect the Hill District institution from being defrauded, according to documents filed by the regulator. Assessed at $1,000 each in civil penalties by the OTS were David Lendt, Johnnie Monroe and Everett Blanton. They must pay the penalties without any funds from a third party, including Dwelling House. None of them could be reached for comment.
The rally organized last Friday to help raise funds for the struggling Dwelling House Savings and Loan Association provided $20,000 in new deposit pledges. Half of the pledges were so-called nonwithdrawable deposits, which would go directly to help replenish the S&L's capital base.
The recent pledge to plug a capital gap at Dwelling House Savings and Loan Association should keep the Hill District institution open and preserve its independence, its CEO said Wednesday. We are confident now that Dwelling House will stay open," said John Haines Jr. "And it's certainly moving in the direction that we stay independent.
The closed Dwelling House Savings and Loan Association will reopen as a PNC Bank branch this morning, after federal regulators seized the troubled one-office bank in the Hill District. Dwelling House, a 119-year-old minority-owned institution, had its $13.8 million in deposits converted to PNC during the weekend. The takeover follows attempts to replace about $1 million in capital that thieves transferred electronically from Dwelling House and the discovery of other problems. No one has been charged.
Community leaders have organized a rally for this afternoon to help raise funds for the Hill District's struggling Dwelling House Savings and Loan Association. Attendees at the 1 p.m. program at the Hill House Association facility at 1835 Centre Ave. are asked to bring cash or checkbook to the rally. Following the meeting, rally attendees are asked to visit Dwelling House, at 501 Herron Ave., and either add to an existing, or open a new savings account.
After his mother showed him how to use a PayPal account to steal money from a Hill District bank, a Moon man turned around and showed several women the same thing or persuaded them to let him set up accounts to steal money. Dimitri Manos, 25, pleaded guilty Wednesday to bank fraud and money laundering. Prosecutors say he's responsible for the theft of more than $1 million from Dwelling House Savings and Loan Association.
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