By October 1992 bank analysts had listed Meritor among institutions most likely to be seized by the end of the year. In the next month worried depositors withdrew more than US$100 million from PSFS branches, and on December 4 Meritor sold off its Florida-based savings and loan subsidiary, the company's last out-of-state banking operation. On December 11, 1992, the Office of Thrift Supervision seized Meritor and placed it into the receivership of the FDIC, who sold Meritor's 27 remaining branches to Mellon Bank for US$181 million.
