Bank Failure
First Cornerstone Bank
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Closed May 6, 2016 · King of Prussia, PA · FDIC Cert #35312.
- Closing date
- May 6, 2016
- Headquarters
- King of Prussia, PA
- FDIC Certificate
- 35312
- Total assets at closing
- $103.3M
- Total deposits at closing
- $101.0M
- Estimated loss to the insurance fund
- $10.8M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First-Citizens Bank & Trust Company
Context
On May 6, 2016, regulators closed First Cornerstone Bank, headquartered in King of Prussia, PA. At closing, the institution held approximately $103.3M in assets and $101.0M in deposits. The FDIC record names First-Citizens Bank & Trust Company as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $10.8M.
By assets at closing this is the 1184th largest of the 3,526 bank failures in the FDIC record, and the 1st of 5 in 2016. It falls in the period the record labels Post-Dodd-Frank Calm (2014-2022), a period with 47 failures peaking at 18 in 2014.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Cornerstone Bank fail?
First Cornerstone Bank was closed by regulators on May 6, 2016.
Who acquired First Cornerstone Bank?
The FDIC record names First-Citizens Bank & Trust Company as the acquiring institution in the resolution of First Cornerstone Bank.
How big was First Cornerstone Bank when it failed?
First Cornerstone Bank had approximately $103.3M in total assets and $101.0M in deposits at the time of failure.
Other failures in 2016
| Date | Bank | Assets |
|---|---|---|
| Sep 23, 2016 | Allied Bank | $66.3M |
| Aug 19, 2016 | The Woodbury Banking Company | $21.4M |
| Apr 29, 2016 | Trust Company Bank | $19.0M |
| Mar 11, 2016 | North Milwaukee State Bank | $67.1M |
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