BANK OF THE COMMONWEALTH Failed 2011

What happened

BANK OF THE COMMONWEALTH of NORFOLK, VA was closed on 2011-09-23. The FDIC was named receiver.

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

Deposits were transferred to SOUTHERN BANK AND TRUST COMPANY (MOUNT OLIVE, NC). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3962

FDIC Certificate

20408

FDIC FIN

10396

Bank name

BANK OF THE COMMONWEALTH

Location

NORFOLK, VA

Failure date

2011-09-23

FDIC resolution date

2011-09-23

Charter type

State commercial bank, Federal Reserve member

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$239M

Deposits at failure

$902M

Assets at failure

$985M

Acquiring bank

SOUTHERN BANK AND TRUST COMPANY (MOUNT OLIVE, NC)