FIs Closed: Bank of the Commonwealth, Norfolk, Virginia, USA
On Friday, 23 September, 2011, Bank of the Commonwealth, Norfolk, VA was closed by the Virginia State Corporation Commission and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Southern Bank and Trust Company, Mount Olive, North Carolina, to assume all of the deposits of Bank of the Commonwealth.
The 21 branches of Bank of the Commonwealth reopened during their current business hours beginning Saturday as branches of Southern Bank and Trust Company.
As of 30 June, 2011, Bank of the Commonwealth had approximately USD985.1 million in total assets and USD901.8 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USAD268.3 million.
Bank of the Commonwealth is the 72nd FDIC-insured institution to fail in the USA this year and the second in Virginia.
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