MADISON NATIONAL BANK OF VIRGINIA Failed 1991

MCLEAN, VA · National commercial bank (OCC-chartered) · view on FDIC BankFind ↗

What happened

MADISON NATIONAL BANK OF VIRGINIA of MCLEAN, VA was closed on 1991-05-10. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to SIGNET BANK - VIRGINIA (RICHMOND, VA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3093
FDIC Certificate
20210
FDIC FIN
4353
Bank name
MADISON NATIONAL BANK OF VIRGINIA
Location
MCLEAN, VA
Failure date
1991-05-10
FDIC resolution date
1991-05-10
Charter type
National commercial bank (OCC-chartered)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$18M
Deposits at failure
$159M
Assets at failure
$174M
Acquiring bank
SIGNET BANK - VIRGINIA (RICHMOND, VA)