Data / Bank failures / 2016 / First Cornerstone Bank
First Cornerstone Bank, King of Prussia, PA: failed May 6, 2016
First Cornerstone Bank in King of Prussia, Pennsylvania, failed on May 6, 2016. First-Citizens Bank & Trust Company of Raleigh, NC, took over its deposits. It held $103.3 million in assets and $101 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $10.8 million (10.5% of its assets). By assets it was the largest of 5 banks closed or assisted in 2016.
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The FDIC's record
- Closed
- May 6, 2016
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First-Citizens Bank & Trust Company, Raleigh, NC
- Total assets
- $103,307,000
- Total deposits
- $101,040,000
- Estimated cost to the FDIC
- $10,825,432 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 35312
Other bank failures in Pennsylvania, 2014 to 2018
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Vantage Point Bank | Horsham | February 28, 2014 | $63.5 million | $62.5 million | $9 million | First Choice Bank |
Other failed banks First-Citizens Bank & Trust Company took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Silicon Valley Bank | Santa Clara | CA | March 10, 2023 | $209.03 billion | $175.38 billion | $18.74 billion | First-Citizens Bank & Trust Company |
| Guaranty Bank | Milwaukee | WI | May 5, 2017 | $1.03 billion | $1.00 billion | $132 million | First-Citizens Bank & Trust Company |
| Harvest Community Bank | Pennsville | NJ | January 13, 2017 | $124.2 million | $122.2 million | $22.2 million | First-Citizens Bank & Trust Company |
| North Milwaukee State Bank | Milwaukee | WI | March 11, 2016 | $67.1 million | $61.5 million | $11.8 million | First-Citizens Bank & Trust Company |
| Capitol City Bank & Trust Company | Atlanta | GA | February 13, 2015 | $272.3 million | $262.7 million | $95.9 million | First-Citizens Bank & Trust Company |
| Colorado Capital Bank | Castle Rock | CO | July 8, 2011 | $665.8 million | $635.2 million | $254.9 million | First-Citizens Bank & Trust Company |
| First Regional Bank | Los Angeles | CA | January 29, 2010 | $2.08 billion | $1.66 billion | $224.1 million | First-Citizens Bank & Trust Company |
| Venture Bank | Lacey | WA | September 11, 2009 | $968.4 million | $917.7 million | $201.1 million | First-Citizens Bank & Trust Company |
All bank failures in 2016 · All bank failures in Pennsylvania · Every failed bank First-Citizens Bank & Trust Company took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.