August 20, 2010 -Imperial Savings and Loan Association, Martinsville, Virginia, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. Imperial Savings was purchased by another local bank, River Community Bank, N.A., Martinsville, Virginia, which will assume all deposits and purchase essentially all assets of the failed bank.
Imperial Savings, a minority-owned bank with only $9.4 million in assets, 6 employees and one office, will remain open over the weekend and reopen as a branch of River Community on Monday.
Of note is the fact that Imperial Savings is the first banking failure in Virginia for 2010. The cost to the FDIC Deposit Insurance Fund to close Imperial is $3.5 million.
Banking failures have now occurred in 26 States across the nation in 2010 resulting in approximately $20 billion in losses to the FDIC insurance fund. Banking failures in 2010 now total 118 as detailed below by State.
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