Bank failure · VA
Bank of the Commonwealth (Norfolk, VA) — failed September 23, 2011
Bank of the Commonwealth of Norfolk, Virginia was closed on September 23, 2011 and resolved through a purchase and assumption. Southern Bank and Trust Company (NC) took over its insured deposits. At failure it held $985.1M in assets and $901.8M in deposits. The FDIC's estimated loss on the failure is $238.7M (24.2% of assets).
- Closing date
- September 23, 2011
- FDIC certificate #
- 20408
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Southern Bank and Trust Company
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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