Bank failure · PA

First Cornerstone Bank (King of Prussia, PA) — failed May 6, 2016

First Cornerstone Bank of King of Prussia, Pennsylvania was closed on May 6, 2016 and resolved through a purchase and assumption. First-Citizens Bank & Trust Company (NC) took over its insured deposits. At failure it held $103.3M in assets and $101.0M in deposits. The FDIC's estimated loss on the failure is $10.8M (10.5% of assets).