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State senator makes big bucks with bank

Craig R. McCoy, Jennifer Lin and Mario F. Cattabiani of The Philadelphia Inquirer detailed the relationship between state Sen. Vincent J. Fumo and the bank he heads, finding that "PSB Bancorp Inc. has served one man especially well: its chairman, Sen. Fumo. The bank paid Fumo $709,800 last year. For a few years, it provided him a Mercedes-Benz roadster. He also has received $950,000 in reduced-rate loans, a 'golden parachute' estimated at $4.2 million to $6.4 million if the bank is sold, and stock worth millions more." Fumo helped the bank grow from a single office to 13 branches in the Philadelphia area, and the board includes "the manager of Fumo's South Philadelphia legislative office, his biggest campaign donor, and a city councilman whose campaigns are heavily financed by Fumo's campaign funds." Fumo and PSB Bancorp declined to respond to the paper's inquiries, citing "the unadulterated bias that the Inquirer has shown toward Senator Fumo and PSB Bancorp."

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