Friday, September 23, 2011

Bank Failure #72: Bank of the Commonwealth, Norfolk, VA

by Calculated Risk on 9/23/2011 06:25:00 PM

Common bank guidelines
Common sense says follow them
Commonwealth should of.

by Soylent Green is People

From the FDIC: Southern Bank and Trust Company, Mount Olive, North Carolina, Assumes All of the Deposits of Bank of the Commonwealth, Norfolk, Virginia
As of June 30, 2011, Bank of the Commonwealth had approximately $985.1 million in total assets and $901.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $268.3 million. ... Bank of the Commonwealth is the 72nd FDIC-insured institution to fail in the nation this year, and the second in Virginia.
It feels like Friday.