Regulators close small Pennsylvania bank

AP News
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Posted: May 06, 2016 7:13 PM

Regulators are closing a small bank in Pennsylvania, the third failure of a federally insured bank this year.

The Federal Deposit Insurance Corp. said that First CornerStone Bank, based in King of Prussia, Pennsylvania, was closed Friday.

As of March 31, First CornerStone had total assets of $103.3 million and total deposits of $101 million. It operated six branches.

First-Citizens Bank & Trust Co. of Raleigh, North Carolina, will assume all of its deposits and purchase essentially all of its assets.

The failure is expected to cost the FDIC $10.8 million.

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Online: https://www.fdic.gov/news/news/press/2016/pr16038.html