According to bizjournals, Thomas M. Saltsgiver, president and founder of modular builder Muncy Homes, Inc. of Muncy, Penn., has applied with the Pennsylvania Dept. of Banking and Securities to acquire 85 percent of the common stock of First Cornerstone Bank in King of Prussia, Penn. While the bank is 90 percent owned by board members, Saltsgiver is already the largest stockholder, along with the estate of the bank’s founder, Jim Overstreet. As of the end of last year, the bank had $149 million in assets, but lost $3.34 million in 2012, and had $16 million in non-performing assets. Loans made to landlords during the Great Recession suffered because many tenants could not pay rents. The bank’s assets declined faster than the non-performing loans. As MHProNews has learned, Muncy Homes, founded in 1973, sells approximately 500 modular homes annually through a network of builders in 13 northeastern states.
