Friday, July 29, 2011

Bank Failures #59 & 60 in 2011: Virginia and South Carolina

by Bill McBride on 7/29/2011 05:39:00 PM

Meridian breach
A Business Bank in retreat
Crumbled capital.

by Soylent Green is People

From the FDIC: Xenith Bank, Richmond, Virginia, Assumes All of the Deposits of Virginia Business Bank, Richmond, Virginia
As of March 31, 2011, Virginia Business Bank had approximately $95.8 million in total assets and $85.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million. ... Virginia Business Bank is the 59th FDIC-insured institution to fail in the nation this year, and the first in Virginia.
From the FDIC: SCBT, National Association, Orangeburg, South Carolina, Assumes All of the Deposits of BankMeridian, N.A., Columbia, South Carolina
As of March 31, 2011, BankMeridian, N.A. had approximately $239.8 million in total assets and $215.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.4 million. ... BankMeridian, N.A. is the 60th FDIC-insured institution to fail in the nation this year, and the third in South Carolina.