SAILORS & MERCHANTS B&T CO. Failed 1992

What happened

SAILORS & MERCHANTS B&T CO. of VIENNA, VA was closed on 1992-12-11. The FDIC was named receiver.

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

Deposits were transferred to FIRST UNION BANK OF VIRG (VIENNA, VA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3430

FDIC Certificate

25306

FDIC FIN

4554

Bank name

SAILORS & MERCHANTS B&T CO.

Location

VIENNA, VA

Failure date

1992-12-11

FDIC resolution date

1992-12-11

Charter type

State commercial bank, Federal Reserve member

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$5M

Deposits at failure

$34M

Assets at failure

$35M

Acquiring bank

FIRST UNION BANK OF VIRG (VIENNA, VA)