PhillyInc: Don't forget to clear your Nova Bank safe-deposit boxes

One loose end regarding the failure of Nova Bank last week.

Customers who had safe-deposit boxes at one of Nova's 12 branches need to call the Federal Deposit Insurance Corp. to make arrangements to get the boxes' contents back. An FDIC official said that the agency usually likes to have boxes cleared as soon as possible, a practice that was disrupted by Hurricane Sandy.

But you dare not dawdle now because customers who don't remove what they've stashed in those boxes will find themselves dealing with the unclaimed property offices run by the state treasurer's offices in Pennsylvania or New Jersey.

The FDIC said customers with safe-deposit boxes will be sent a letter that contains a deadline for emptying them.

The toll-free number to do that is 1-800-830-3256. Call between the hours of 8 a.m. and 8 p.m. Wednesday and Thursday, and 8 a.m. and 5 p.m. Friday.

As for when Nova depositors should be getting their money, the FDIC said it began mailing checks from its Dallas, Texas, center on Sunday. So the check, as they say, is in the mail.

Goodnight, Irene

As I sat in my dim living room Monday night, lit only by a couple of candles and Nintendo DSes, I didn't ponder what the economic impact of Hurricane Sandy will be.

I stewed about having lost power for the fourth time in four years for what looks to be an extended period of time.

Forget economic cost. What about the contents-of-my-

thawing-refrigerator cost?

Still, I am a numbers junkie, and it does appear that Sandy will have a greater impact than 2011's Hurricane Irene, which caused infrastructure damages totaling $15 billion.

IHS Global Insight, the economic forecasting firm, estimated the total economic losses from Sandy to be from $30 billion to $50 billion. The 15 states affected by Sandy have a gross regional product (GRP) of about $3 trillion, meaning those losses would be on par with 1.0 percent to 1.7 percent of the GRP of those states.


Contact Mike Armstrong at 215-854-2980 or, or @PhillyInc on Twitter. Read his blog, "PhillyInc," at