Bank Failure
Bank of the Commonwealth
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Closed September 23, 2011 · Norfolk, VA · FDIC Cert #20408.
- Closing date
- September 23, 2011
- Headquarters
- Norfolk, VA
- FDIC Certificate
- 20408
- Total assets at closing
- $985.1M
- Total deposits at closing
- $901.8M
- Estimated loss to the insurance fund
- $238.7M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Southern Bank and Trust Company
Context
On September 23, 2011, regulators closed Bank of the Commonwealth, headquartered in Norfolk, VA. At closing, the institution held approximately $985.1M in assets and $901.8M in deposits. The FDIC record names Southern Bank and Trust Company as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $238.7M.
By assets at closing this is the 215th largest of the 3,526 bank failures in the FDIC record, and the 7th of 92 in 2011. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of the Commonwealth fail?
Bank of the Commonwealth was closed by regulators on September 23, 2011.
Who acquired Bank of the Commonwealth?
The FDIC record names Southern Bank and Trust Company as the acquiring institution in the resolution of Bank of the Commonwealth.
How big was Bank of the Commonwealth when it failed?
Bank of the Commonwealth had approximately $985.1M in total assets and $901.8M in deposits at the time of failure.
Other failures in 2011
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 2011 | Western National Bank | $162.9M |
| Dec 16, 2011 | Premier Community Bank of the Emerald Coast | $126.0M |
| Nov 18, 2011 | Central Progressive Bank | $383.1M |
| Nov 18, 2011 | Polk County Bank | $91.6M |
| Nov 10, 2011 | Community Bank of Rockmart | $62.4M |
| Nov 4, 2011 | Sunfirst Bank | $198.1M |
| Nov 4, 2011 | Mid City Bank, Inc. | $106.1M |
| Oct 28, 2011 | All American Bank | $34.8M |
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