PSB Bancorp. Inc. has closed its acquisition of First Bank of Philadelphia, almost seven months after the deal was announced.
The merged institutions will run a commercial bank called First Penn Bank, a seven-branch subsidiary of the $251 million-in-assets PSB Bancorp.
But many are likely to continue calling the new entity what they have always called PSB's old Pennsylvania Savings Bank: "Vince Fumo's bank."
Between them, state Sen. Vincent J. Fumo and his wife, CPA Jane Scaccetti Fumo, own more tham 26 percent of PSB, according to the most recent annual report. His compensation as chairman and CEO last year was more than $388,000.
PSB's stock was trading above $7.50 per share until the First Bank deal was announced in March. The news took a quick $2 per share out of PSB's …