On May 6, the FDIC closed down their third bank for 2016 as First Cornerstone Bank shuttered its doors. This institution is the second bank failure in the past two weeks, with Trust Company Bank being closed down by regulators in on April 29.
This bank failure is also the first for the month of May, and brings the overall number of bank closures in 2016 to 3.
5/6/2016 *** Pennsylvania *** King of Prussia *** First Cornerstone Bank *** $10.8 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $10.8 million.