Bank closes IRA; couple sues

PITTSBURGH (AP) — A western Pennsylvania couple says First Commonwealth Bank illegally reneged when it terminated their individual retirement accounts and gave them their money back.

Fifty-five-year-old Patrick McGrogan and his wife, Barbara, of Unity Township, say they opened the accounts in 1983 and 1984. The couple say the bank promised at least 8 percent interest and that they didn’t give the bank permission to dissolve the accounts until they could withdraw the money without penalty when they turn 59 1/2 years old.

A bank spokeswoman refused to comment specifically on the lawsuit filed in Allegheny County. But she says the bank can end such offers at its discretion. She says the bank stopped that particular offer in September in response to the nation’s financial crisis and that fewer than 300 customers have been affected.