Failed Banks - 2016
As of May 6, 3 banks have failed and been taken over by the Federal Deposit Insurance Corp. In most cases, deposits and some of the assets have been transferred to acquiring banks. The acquiring bank assumes the bank's deposits and, usually, some of the assets. In most cases, the FDIC acquires some of the assets -- normally the troubled loans. The FDIC estimates that the failures in 2016 have cost $27.0 million.
Click on a bank's name for more details. Click on a column header to sort the list; click a second time to reverse the sort order.
|Bank Name||Closing date||Acquiring bank||FDIC cost (millions)|
|First CornerStone Bank
King Of Prussia, PA
|2016-05-06||First-Citizens Bank & Trust Company
|Trust Company Bank
|2016-04-29||The Bank of Fayette County
|North Milwaukee State Bank
|2016-03-11||First-Citizens Bank & Trust Company
* FDIC created this bank because it could not find a buyer
** Office of Thrift Supervision created this bank because it could not find a buyer
*** Newly chartered bank
**** Assumed deposits and some assets of failed bank
***** Purchased some assets of failed bank under loss share agreement with FDIC