First Community Bank (FCB) has revealed a core capital shortfall of more than KES1bn ($9m), leading to its owners selling a majority stake to Premier Bank Limited of Mogadishu in a rescue deal for KES2.8bn. FCB’s core capital fell from KES1.65bn in September to negative KES331m in December, triggering a breach of the Central Bank of Kenya’s capital strength ratios. FCB has been in breach of capital ratios for the past five years and customer deposits dropped by 36% to KES13.74bn from KES21.48bn a year earlier.