Regulators close Virginia bank; 2011 total is 72

September 23, 2011 - 5:50 PM

WASHINGTON (AP) — Regulators have closed a bank in Virginia, lifting to 72 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Bank of the Commonwealth, based in Norfolk, Va., with $985.1 million in assets and $901.8 million in deposits. Southern Bank and Trust Co., based in Mount Olive, N.C., agreed to assume all the deposits and about $924.3 million of the failed bank's assets.

The failure of Bank of the Commonwealth is expected to cost the deposit insurance fund $268.3 million.