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Regulators take over banks in Virginia and Pennsylvania; brings US bank failures to 5 in 2014
– canadianbusiness.com
WASHINGTON – Regulators have closed small lenders in Virginia and Pennsylvania, bringing U.S. bank failures this year to five after 24 closures in 2013.
The Federal Deposit Insurance Corp. said Friday that it has taken over Millennium Bank, N.A., based in Sterling, Va., and closed the single branch of Vantage Point Bank in Horsham, Pa.
Millennium Bank, which operated two branches, had $130.3 million in assets and $121.7 million in deposits as of Dec. 31. WashingtonFirst Bank, based in Reston, Va., has agreed to assume its deposits and buy its assets.
First Choice Bank, based in Mercerville, N.J., will assume Vantage Point Bank’s $62.5 million in deposits and its $63.5 million in assets.
The two bank failures are expected to cost the deposit insurance fund $16.2 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009…
The Federal Deposit Insurance Corp. said Friday that it has taken over Millennium Bank, N.A., based in Sterling, Va., and closed the single branch of Vantage Point Bank in Horsham, Pa.
Millennium Bank, which operated two branches, had $130.3 million in assets and $121.7 million in deposits as of Dec. 31. WashingtonFirst Bank, based in Reston, Va., has agreed to assume its deposits and buy its assets.
First Choice Bank, based in Mercerville, N.J., will assume Vantage Point Bank’s $62.5 million in deposits and its $63.5 million in assets.
The two bank failures are expected to cost the deposit insurance fund $16.2 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009…
