Bank Failure
Virginia Business Bank
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Closed July 29, 2011 · Richmond, VA · FDIC Cert #58283.
- Closing date
- July 29, 2011
- Headquarters
- Richmond, VA
- FDIC Certificate
- 58283
- Total assets at closing
- $83.5M
- Total deposits at closing
- $73.0M
- Estimated loss to the insurance fund
- $19.9M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Xenith Bank
Context
On July 29, 2011, regulators closed Virginia Business Bank, headquartered in Richmond, VA. At closing, the institution held approximately $83.5M in assets and $73.0M in deposits. The FDIC record names Xenith Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $19.9M.
By assets at closing this is the 1310th largest of the 3,526 bank failures in the FDIC record, and the 82nd 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 Virginia Business Bank fail?
Virginia Business Bank was closed by regulators on July 29, 2011.
Who acquired Virginia Business Bank?
The FDIC record names Xenith Bank as the acquiring institution in the resolution of Virginia Business Bank.
How big was Virginia Business Bank when it failed?
Virginia Business Bank had approximately $83.5M in total assets and $73.0M 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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