Bank Failure
Imperial Savings and Loan Association
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Closed August 20, 2010 · Martinsville, VA · FDIC Cert #31623.
- Closing date
- August 20, 2010
- Headquarters
- Martinsville, VA
- FDIC Certificate
- 31623
- Total assets at closing
- $9.4M
- Total deposits at closing
- $10.1M
- Estimated loss to the insurance fund
- $4.7M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- River Community Bank, N.A.
Context
On August 20, 2010, regulators closed Imperial Savings and Loan Association, headquartered in Martinsville, VA. At closing, the institution held approximately $9.4M in assets and $10.1M in deposits. The FDIC record names River Community Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $4.7M.
By assets at closing this is the 2794th largest of the 3,526 bank failures in the FDIC record, and the 156th of 157 in 2010. 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 Imperial Savings and Loan Association fail?
Imperial Savings and Loan Association was closed by regulators on August 20, 2010.
Who acquired Imperial Savings and Loan Association?
The FDIC record names River Community Bank, N.A. as the acquiring institution in the resolution of Imperial Savings and Loan Association.
How big was Imperial Savings and Loan Association when it failed?
Imperial Savings and Loan Association had approximately $9.4M in total assets and $10.1M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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