Tioga-Franklin Savings Bank, which had $68 million in assets, was founded in 1873.

Tioga-Franklin is the fifth bank to fail this year. It was founded in 1873, as Tioga Building and Loan Association, according to the bank’s LinkedIn page. It was one of about 22 Black-owned banks in the U.S., according to a Forbes list published this year.

The transaction will give single-branch Second Federal about $115 million in assets, the lender said in a notice on its website. Second Federal, which has about $43.6 million in assets, was established in 1924, and is regulated by the Office of the Comptroller of the Currency.

“We are pleased to welcome Tioga-Franklin Savings Bank’s customers and employees to Second Federal,” Second Federal CEO David Rowland said in a statement on the lender’s website. “Our immediate priority is to ensure a smooth transition and continuity of service. We look forward to building strong, long-term relationships with the Tioga-Franklin customers by delivering responsive, service-focused banking.”

With the deal, Second Federal has acquired Tioga-Franklin’s “more advanced core processing system,” Rowland said in a statement. “This will enable Second Federal to offer a more contemporary range of banking services and products to all of its customers.”

In April 2024, Tioga-Franklin entered into a consent order with the FDIC , after the regulator cited deficiencies in board supervision and direction; management performance; strategic, profit and capital planning; liquidity and funds management; interest rate risk; audit; and credit administration. That followed a 2023 exam that identified weaknesses related to capital, earnings and strategic direction, among other things.

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