Bank Failure
Greater Atlantic Bank
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Closed December 4, 2009 · Reston, VA · FDIC Cert #32583.
- Closing date
- December 4, 2009
- Headquarters
- Reston, VA
- FDIC Certificate
- 32583
- Total assets at closing
- $203.3M
- Total deposits at closing
- $179.2M
- Estimated loss to the insurance fund
- $26.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sonabank
Context
On December 4, 2009, regulators closed Greater Atlantic Bank, headquartered in Reston, VA. At closing, the institution held approximately $203.3M in assets and $179.2M in deposits. The FDIC record names Sonabank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $26.6M.
By assets at closing this is the 769th largest of the 3,526 bank failures in the FDIC record, and the 82nd of 140 in 2009. 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 Greater Atlantic Bank fail?
Greater Atlantic Bank was closed by regulators on December 4, 2009.
Who acquired Greater Atlantic Bank?
The FDIC record names Sonabank as the acquiring institution in the resolution of Greater Atlantic Bank.
How big was Greater Atlantic Bank when it failed?
Greater Atlantic Bank had approximately $203.3M in total assets and $179.2M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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