2 receiverships of GA, PA banks ended, FDIC says

Receiverships of the former Security Exchange Bank, Marietta, Ga., and First Cornerstone Bank, King of Prussia, Pa., were terminated Nov. 1, the Federal Deposit Insurance Corp. (FDIC) said in a filing for the Federal Register.

Security Exchange Bank was closed in June 2012. The bank’s deposits were assumed by Fidelity Bank (Atlanta, Ga.); Fidelity Bank and FDIC entered into a loss-share transaction on other asset pools. First Cornerstone Bank was closed in May 2016 and its deposits and assets assumed by First-Citizens Bank & Trust Company, Raleigh, N.C., according to FDIC.

Notice of Termination of Receiverships