A director of First Cornerstone Bank is looking to buy 85% of the King of Prussia, Pa., bank.
Thomas Saltsgiver has filed application with the Pennsylvania Department of Banking and Securities to take on the stake in the $148 million-asset bank. Saltsgiver is president of Muncy Homes, a modular home manufacturer.
Saltsgiver's big investment is part of an effort by the struggling bank to raise more than $9 million in capital, Robert Jara, First Cornerstone's chief executive, told the Philadelphia Business Journal. Jara said First Cornerstone's board currently owns 90% of the bank, with Saltsgiver and Jim Overstreet holding the largest stakes.
The bank lost more than $3.3 million last year, according to a filing with the Federal Deposit Insurance Corp. More than 12% of the bank's assets were classified as nonperforming at Dec. 31.
