Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-163. Real estate

(a) An association may invest its funds in real property which the association occupies for its accommodations and transaction of its business, or such real property as it partly so occupies and it partly leases to others.  No such investment may be made without the prior approval of the department if the total amount of the investment in real estate for the accommodation of the association and the transaction of its business exceeds the amount of the association's net worth.

(b) An association may invest its funds in such real estate as it shall purchase at sales under judgments, decrees and mortgages held by it or as it shall otherwise acquire in good faith and in satisfaction of debts previously contracted to it or in order to protect an interest it may otherwise have lawfully acquired in such property.  The board of directors shall annually review such investments.  The said real estate shall be sold as promptly as the same may expeditiously be done.

(c) An insured association may invest its funds in real property, or interests in real property, in its regular lending area and within an urban renewal area as defined in subsection (a) of section 110   1 of the Housing Act of 1949, as amended.  No such investment shall be made unless the amount of such investment, plus all amounts outstanding in such investments, does not exceed two percent of the association's assets and total of such investments and loans made under section 910   2 and subsection (j) of section 922   3 does not exceed five percent of the association's assets.  The department may prescribe regulations under which such investments may be made.