Conshohocken, Pa.-based Firstrust Savings Bank and Levittown, Pa.-based William Penn Bank (MHC) on May 24 applied with the New Jersey Department of Banking and Insurance to become public depositories under the Government Unit Deposit Protection Act.
According to the New Jersey regulator's website, GUDPA is a supplemental insurance program set forth by the state's legislature. It protects public funds in excess of the amount already insured by the Federal Deposit Insurance or the National Credit Union Share Insurance Fund.
