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Failed Bank List

Failed Bank Information for Bank of the Commonwealth, Norfolk, VA

On Friday, September 23, 2011, Bank of The Commonwealth was closed by the Virginia State Corporation Commission. The FDIC was named Receiver. Southern Bank and Trust Company, Mount Olive, NC acquired all deposit accounts.

The FDIC as Receiver for Bank of the Commonwealth, Norfolk, VA has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on May 22, 2023 and has made all dividend distributions required by law.

Effective November 1, 2023, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

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Notice of Termination

Effective Date:
November 1, 2023
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Notice of Intent to Terminate
Publication Date:
May 22, 2023
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Balance Sheet

Report on assets and liabilities
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Dividend Information

Seven Paid to Date
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Beware of Scams
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Bank of The Commonwealth, Southern Bank and Trust Company, or the FDIC. The FDIC, however, will encourage you to correspond with us via the FDIC Claims Portal, a secure web portal.

TRANSACTION DOCUMENTATION

Purchase & Assumption Agreement
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

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