Bank failure · VA

First of Montgomery County (Blacksburg, VA) — failed June 6, 1986

First of Montgomery County of Blacksburg, Virginia was closed on June 6, 1986 and resolved through a a/a. Carteret S&la Fa (NJ) took over its insured deposits. At failure it held $14.5M in assets and $15.5M in deposits. The FDIC's estimated loss on the failure is $3.3M (22.5% of assets).