FIs closed: Imperial Savings and Loan Association, Martinsville, Virginia, USA
On Friday, August 20, 2010, Imperial Savings and Loan Association, Martinsville, Virginia, USA was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with River Community Bank, National Association, Martinsville, Virginia, to assume all of the deposits of Imperial Savings and Loan Association.
The sole branch of Imperial Savings and Loan Association will reopen on Monday (today) as a branch of River Community Bank.
As of 30 June, 2010, Imperial Savings and Loan Association had approximately USD9.4 million in total assets and USD10.1 million in total deposits.
River Community Bank, N.A. did not pay the FDIC a premium for the deposits of Imperial Savings and Loan Association.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD3.5 million.
Imperial Savings and Loan Association is the 113th FDIC-insured institution to fail in the USA this year and the first in Virginia.
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