First Cornerstone Bank, King of Prussia, PA – Largest Bank Failure of 2016

The largest banking failure of the year occurred when state regulators closed the First Cornerstone Bank, King of Prussia, PA.  In order to protect depositors, the FDIC in its role as receiver, entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina. First Cornerstone Bank was established in March […]

North Milwaukee State Bank, WI, First Bank Failure of 2016

The first bank failure of 2016 occurred today when regulators closed a small bank in Wisconsin.  It has been almost six months since the last banking failure in the U.S.  The last FDIC insured bank failure occurred on October 2, 2015 when regulators closed Hometown National Bank, Longview, WA. North Milwaukee State Bank, Milwaukee, Wisconsin, […]