First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of First CornerStone Bank, King of Prussia, Pennsylvania — 2016-05-06

First CornerStone Bank, King of Prussia, Pennsylvania, was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of First CornerStone Bank. The six branches of First CornerStone Bank will reopen as branches of First-Citizens Bank & Trust Company during normal business hours. Depositors of First CornerStone Bank will automatically become depositors of First- Citizens Bank & Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.