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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information for First CornerStone Bank, King of Prussia, PA

On May 6, 2016, First CornerStone Bank was closed by Pennsylvania Department of Banking and Securities. The FDIC was named Receiver. First-Citizens Bank & Trust Company, Raleigh, NC acquired all deposit accounts.

The FDIC as Receiver for First CornerStone Bank, King of Prussia, PA has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on June 05, 2018 and has made all dividend distributions required by law.

Effective November 01, 2018, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status

TERMINATED

Notice of Termination

Effective Date: November 01, 2018


Notice of Intent to Terminate

Publication Date: June 05, 2018

Dividend Information

Report on dividends paid


Press Release

Official press release

cautionBeware of scams!

Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

caution

Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

ACQUIRING INSTITUTION: FIRST-CITIZENS BANK & TRUST COMPANY

About First-Citizens Bank & Trust CompanY

All deposit accounts, including brokered deposits, were transferred to First-Citizens Bank & Trust Company, Raleigh, NC ("assuming institution"). Former First CornerStone Bank locations reopened as branches of First-Citizens Bank & Trust Company.

Your transferred deposits were separately insured from any accounts you may have already had at First-Citizens Bank & Trust Company for at least six months after the failure of First CornerStone Bank.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First-Citizens Bank & Trust Company as long as the deposits are not pledged as collateral for loans.

Contacting First-Citizens Bank & Trust Company

You can contact First-Citizens Bank & Trust Company:

First-Citizens Bank & Trust Company
239 Fayetteville St,
Raleigh, NC 27601

First-Citizens Bank & Trust Company (www.firstcitizens.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF (16 Mb)
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

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