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Bank Failures

Bid Summary

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

Bidder Type of Transaction Deposit 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 Bank 0.00% ($9,539) N/A N/A N/A N/A N/A No Bid No Bid No - 1
Cover Bid:
ESSA Bank & Trust, Stroudsberg, PA		 All deposit Whole Bank 0.25% ($12,000) N/A N/A N/A N/A N/A No Bid No Bid Yes
Other Bids:                      
Other All deposit Whole Bank 0.00% ($11,138) N/A N/A N/A N/A N/A No Bid No Bid Yes
Other All deposit Whole Bank 0.00% ($11,873) N/A N/A N/A N/A N/A 50.00% 50.00% Yes
Other All deposit Whole Bank 0.00% ($18,215) N/A N/A N/A N/A N/A No Bid No Bid Yes

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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html


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Last Updated: August 3, 2021