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Failures by State

Bank Failures in Virginia

41 FDIC-insured banks headquartered in Virginia have failed since 1935. The most recent was Millennium Bank, N.A. on February 28, 2014. The worst year was 1992, with 9 failures. Failed banks held $13.47B in assets at closing.

41
Failures
1935 to 2014
$13.47B
Failed assets
At closing
$2.31B
Estimated DIF loss
FDIC estimate
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All Virginia events
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Largest bank failures in Virginia

Date Bank City Assets Acquirer or resolution
Jan 10, 1992 Perpetual Savings Bank Vienna $2.89B Crestar Bank
Dec 13, 1991 Investors FSB Richmond $2.06B Central Fidelity Bank
Jan 25, 1991 Trustbank FSB Tysons Corner $1.82B Branch sale
Feb 1, 1991 Coreast FSB Richmond $1.21B Branch sale
Sep 23, 2011 Bank of the Commonwealth Norfolk $985.1M Southern Bank and Trust Company
Oct 19, 1990 Heritage Savings Bank, FSB Richmond $888.8M CRFC Interim SB (Crestar Ba
Dec 8, 1989 Atlantic Permanent Federal Norfolk $581.0M Branch sale
Oct 9, 1992 Peidmont FSA Manassas $444.6M Crestar Bank
Jul 31, 1990 United FSB Vienna $415.6M Crestar Bank
Mar 2, 1990 Security FS & La Richmond $341.6M Crestar Bank

Virginia bank failures by year

Year Failures Failed assets
2014 1 $130.3M
2011 2 $1.07B
2010 1 $9.4M
2009 1 $203.3M
1993 1 $15.1M
1992 9 $3.93B
1991 6 $5.33B
1990 3 $1.65B
1989 5 $889.6M
1988 1 $206.5M
1984 1 $8.6M
1982 1 $14.0M
1964 1 $7.9M
1946 1 $351K
1945 1 $6.4M
1939 1 $279K
1938 2 —
1937 2 $101K
1935 1 $387K

Every bank failure in Virginia

Date Bank City Assets Acquirer or resolution
Feb 28, 2014 Millennium Bank, N.A. Sterling $130.3M Washingtonfirst Bank
Sep 23, 2011 Bank of the Commonwealth Norfolk $985.1M Southern Bank and Trust Company
Jul 29, 2011 Virginia Business Bank Richmond $83.5M Xenith Bank
Aug 20, 2010 Imperial Savings and Loan Association Martinsville $9.4M River Community Bank, N.A.
Dec 4, 2009 Greater Atlantic Bank Reston $203.3M Sonabank
Aug 12, 1993 New Atlantic Bank, N.A. Norfolk $15.1M Bank of Hampton Roads
Dec 11, 1992 Sailors & Merchants B&T Co. Vienna $34.8M First Union Bank of Virg
Oct 9, 1992 Peidmont FSA Manassas $444.6M Crestar Bank
Sep 18, 1992 The Washington Bank Fairfax County $28.1M George Mason Bank
Jul 17, 1992 Liberty FSB Warrenton $92.0M Jefferson NB
Jul 10, 1992 Home FSB Norfolk $224.2M Home SB, FSB
Apr 10, 1992 Federal Sa of Virginia Falls Church $31.5M Fairfax B&TC
Apr 3, 1992 Commonwealth FSB Manassas $72.5M Fairfax B&TC
Feb 28, 1992 Vista FSA Reston $113.2M Eastern American Bank, FSB
Jan 10, 1992 Perpetual Savings Bank Vienna $2.89B Crestar Bank
Dec 13, 1991 Investors FSB Richmond $2.06B Central Fidelity Bank
May 24, 1991 First Security Bank Roanoke $15.9M First Century Bank
May 10, 1991 Madison National Bank of Virginia McLean $174.2M Signet Bank - Virginia
May 3, 1991 Sentry FSA Norfolk $50.3M Deposit payout
Feb 1, 1991 Coreast FSB Richmond $1.21B Branch sale
Jan 25, 1991 Trustbank FSB Tysons Corner $1.82B Branch sale
Oct 19, 1990 Heritage Savings Bank, FSB Richmond $888.8M CRFC Interim SB (Crestar Ba
Jul 31, 1990 United FSB Vienna $415.6M Crestar Bank
Mar 2, 1990 Security FS & La Richmond $341.6M Crestar Bank
Dec 8, 1989 Atlantic Permanent Federal Norfolk $581.0M Branch sale
Dec 7, 1989 Atlantic National Bank Norfolk $14.4M New Atlantic Bank, National
Oct 19, 1989 Seasons Federal Savings Bank Richmond $260.8M Crestar Bank
Jun 29, 1989 Peoples S & L Assoc. Hampton $23.9M Consolidated B&TC
Mar 30, 1989 Community FED. S & L Assoc. Newport News $9.4M Consolidated B&TC
Sep 16, 1988 Ultimate Savings Bank Richmond $206.5M —
Jan 27, 1984 Union Mutual S&LA Richmond $8.6M —
Apr 3, 1982 Aquia BK & TR Company Stafford $14.0M Peoples Bank of Danville
Sep 4, 1964 Crown Savings Bank Newport News $7.9M —
Sep 14, 1946 Augusta County Bank, Inc. Churchville $351K —
Jan 13, 1945 The Farmers & Merchants State Bank Fredericksburg $6.4M —
May 18, 1939 The Parksley National Bank Parksley $279K —
Mar 26, 1938 Merchants' and Mechanics' Savings Bank of Norfolk Norfolk — —
Mar 3, 1938 Bank of Northampton, Incorporated Nassawadox — —
Jul 19, 1937 Peoples Bank of Bloxom, Inc. Bloxom $101K —
May 22, 1937 Farmers & Merchants Trust Bank Cape Charles — —
Jan 9, 1935 The National Bank of Herndon Herndon $387K —

Source: FDIC failed-bank list. Counts are real closures by headquarters state; FDIC open-bank assistance transactions are not failures and are excluded. Assets and deposits are as reported at closing.

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