Bank failure · VA
Sailors & Merchants B&t Co. (Vienna, VA) — failed December 11, 1992
Sailors & Merchants B&t Co. of Vienna, Virginia was closed on December 11, 1992 and resolved through a purchase and assumption. First Union Bank of Virg (VA) took over its insured deposits. At failure it held $34.8M in assets and $34.5M in deposits. The FDIC's estimated loss on the failure is $5.0M (14.3% of assets).
- Closing date
- December 11, 1992
- FDIC certificate #
- 25306
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- First Union Bank of Virg
- Insurance fund
- BIF
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