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Bank Failures

Bid Summary for First CornerStone Bank, King of Prussia, PA

First CornerStone Bank, King of Prussia, PA
Closing Date: May 6, 2016

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

BidderType of TransactionDeposit Premium %Asset Premium/ (Discount) $(000)Optional Loan Pool (SFR) (% of BV)Optional Loan Pool (ADC) (% of BV)Optional Loan Pool (CRE/Land Performing) (% of BV)Optional Loan Pool (C&I Performing) (% of BV)Optional Loan Pool (Non-Performing Other CML) (% of BV)Optional OREO (SFR) Pool (% of BV)Optional OREO (CML) Pool (% of BV)Conforming Bid
Winning bid and bidder:
First-Citizens Bank & Trust Company, Raleigh, NC
All deposit Whole Bank0.00%($9,539)N/AN/AN/AN/AN/ANo BidNo BidNo - 1
Cover Bid:
ESSA Bank & Trust, Stroudsberg, PA
All deposit Whole Bank0.25%($12,000)N/AN/AN/AN/AN/ANo BidNo BidYes
Other Bids:           
OtherAll deposit Whole Bank0.00%($11,138)N/AN/AN/AN/AN/ANo BidNo BidYes
OtherAll deposit Whole Bank0.00%($11,873)N/AN/AN/AN/AN/A50.00%50.00%Yes
OtherAll deposit Whole Bank0.00%($18,215)N/AN/AN/AN/AN/ANo BidNo BidYes

Conforming Bid Notes:

1- Requests the intention to serve the market for six months, while the P&A agreement requires a year.

Other Bidder Names, City & State:

ESSA Bank & Trust, Stroudsberg, PA
Howard Bank, Ellicott City, MD
Royal Bank America, Narbeth, PA

Notes:

  • The winning bidder’s acquisition of all the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets.
  • The cover bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • There is no linkage between bidder names and bids, except in the case of the winning bid.
  • There may be more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy


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Last Updated: August 3, 2021