Three Banks Fail In Virginia, South Carolina and Indiana

Regulators closed three banks this week in three different states – Virginia, South Carolina and Indiana. With today’s three bank closings, the number of failed banks in 2011 has increased to 61. The three banks that failed today had total assets of $2.5 billion and resulted in a loss to the FDIC Deposit Insurance Fund […]

Virginia Business Bank, Richmond, VA, Closed By Regulators

Virginia Business Bank, Richmond, VA, was closed today by state regulators.  The FDIC, appointed as receiver, sold the failed bank to Xenith Bank, Richmond, Virginia.  Xenith Bank will assume all deposits of the failed bank. Virginia Business Bank, established in 2006 by local area bank executives, focused on lending to small and mid-sized businesses in […]