Friday, December 04, 2009

Bank Failure #130: Greater Atlantic Bank, Reston, Virginia

by Bill McBride on 12/04/2009 07:13:00 PM

Greater Atlantic
Demoted, downsized, shrunken
Sold to Sonabank

by Soylent Green is People

From the FDIC: Sonabank, McLean Virginia, Assumes All of the Deposits of Greater Atlantic Bank, Reston, Virginia
Greater Atlantic Bank, Reston, Virginia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 20, 2009, Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35 million. ... Greater Atlantic Bank is the 130th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was New Atlantic Bank, National Association, Norfolk, on August 12, 1993.
That makes six today.