Failed Bank List

Closed Friday, May 6, 2016 · King of Prussia, Montgomery County, Pennsylvania

First CornerStone Bank

First CornerStone Bank was the largest of the 5 bank failures in 2016. Its assets had shrunk 54% from their peak in the fourth quarter of 2009 by the last report before closing. It reported a net loss in eight of its final nine reporting years.

On the books, 2008 to 2016

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$60M$120M$180M$240M2009201020112012201320142015Closed
Total assets peaked at $223 million. Equity capital went from 7.2% of assets in the second quarter of 2008 to 2.0% at the last report. The deepest annual loss, $7.0 million, was booked in 2011.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$8M−$8M2008: $82 thousand20087.1%2009: −$4.4 million20095.3%2010: −$2.1 million20107.1%2011: −$7.0 million20114.0%2012: −$3.5 million20124.2%2013: −$4.3 million20135.2%2014: −$5.1 million20145.8%2015: −$3.4 million20152.8%2016: −$1.1 million2016*2.0%
* 2016: January to March only, the last report before closing.

Size against the other 2016 failures

Total assets of the 5 banks that failed in 2016, log scale$10M$100M$1B
Total assets of each 2016 failure, log scale; First CornerStone Bank in red.

Within Pennsylvania it ranks 19th by size of the 67 failures recorded since 1934. Across the failures of 2016, the median estimated loss came to 15% of assets. The next-largest failure of that year was North Milwaukee State Bank of Milwaukee, Wisconsin ($67.1 million, loss 18% of assets). Every 2016 failure in the explorer.

Failures in Pennsylvania

The previous failure there was Vantage Point Bank of Horsham, on February 28, 2014. The next was Republic First Bank dba Republic Bank of Philadelphia, on April 26, 2024. Montgomery County has 8 failed banks on FDIC record since 1934. Closest in time: Abraham Lincoln Federal Savings Bank (1991), Home Unity Savings and Loan Association (1992), Allegiance Bank of North America (2010), Public Savings Bank (2011), Vantage Point Bank (2014).

Bank failures in Pennsylvania per year, 1980 to 2026024681987: 11989: 41990: 41991: 71992: 61996: 12003: 12007: 12009: 12010: 22011: 12012: 22014: 12016: 12024: 12026: 119801990200020102020
Per year since 1980, 2016 in red. Every Pennsylvania failure

The acquiring bank

First-Citizens Bank & Trust Company of Raleigh, North Carolina took over twelve failed banks between 2000 and 2026. The others:

All 12 banks it took over.

  • Temecula Valley BankTemecula, CA · July 17, 2009
  • Venture BankLacey, WA · September 11, 2009
  • First Regional BankLos Angeles, CA · January 29, 2010
  • Sun American BankBoca Raton, FL · March 5, 2010
  • United Western BankDenver, CO · January 21, 2011
  • Colorado Capital BankCastle Rock, CO · July 8, 2011
  • Capitol City Bank & Trust CompanyAtlanta, GA · February 13, 2015
  • North Milwaukee State BankMilwaukee, WI · March 11, 2016
  • Harvest Community BankPennsville, NJ · January 13, 2017
  • Guaranty Bank, (d/b/a BestBank in Georgia & Michigan)Milwaukee, WI · May 5, 2017

FDIC certificate 35312 · loss estimate as of July 31, 2026 · How to read this page