FIRST CORNERSTONE BANK Failed 2016

What happened

FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA was closed on 2016-05-06. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to FIRST-CITIZENS BANK & TRUST COMPANY (RALEIGH, NC). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

4086

FDIC Certificate

35312

FDIC FIN

10520

Bank name

FIRST CORNERSTONE BANK

Location

KING OF PRUSSIA, PA

Failure date

2016-05-06

FDIC resolution date

2016-05-06

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$11M

Deposits at failure

$101M

Assets at failure

$103M

Acquiring bank

FIRST-CITIZENS BANK & TRUST COMPANY (RALEIGH, NC)

Other banks FIRST-CITIZENS BANK & TRUST COMPANY acquired in FDIC resolutions

• SILICON VALLEY BANK (SANTA CLARA, CA) — failed 2023-03-10
• GUARANTY BANK (MILWAUKEE, WI) — failed 2017-05-05
• HARVEST COMMUNITY BANK (PENNSVILLE, NJ) — failed 2017-01-13
• NORTH MILWAUKEE STATE BANK (MILWAUKEE, WI) — failed 2016-03-11
• CAPITOL CITY BANK & TRUST COMPANY (ATLANTA, GA) — failed 2015-02-13
• COLORADO CAPITAL BANK (CASTLE ROCK, CO) — failed 2011-07-08
• FIRST REGIONAL BANK (LOS ANGELES, CA) — failed 2010-01-29
• VENTURE BANK (LACEY, WA) — failed 2009-09-11