Billon Dollar Bank Failure Caused By “Massive Bank Fraud” At Bank of the Commonwealth

Four years after the start of the banking crisis, federal investigators are proving what many Americans have long suspected – the root cause of many banking failures was due to fraud. The Office of the Special Inspector General for The Troubled Asset Relief Program (SIGTARP) announced last week that a massive $41 million bank fraud […]

Bank of the Commonwealth, Norfolk, VA, Closed By Regulators

Bank of the Commonwealth, Norfolk, Virginia, founded in 1970, was closed today by the Virginia State Corporation Commission.  The FDIC, acting as receiver, sold the failed bank to Southern Bank and Trust Company of Mount Olive, North Carolina. Bank of the Commonwealth had a total of 21 branches with 17 operating in Virginia and 4 […]