Data / Bank failures / 2011 / Bank of the Commonwealth
Bank of the Commonwealth, Norfolk, VA: failed September 23, 2011
Bank of the Commonwealth in Norfolk, Virginia, failed on September 23, 2011. Southern Bank and Trust Company of Mount Olive, NC, took over its deposits. It held $985.1 million in assets and $901.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $238.7 million (24.2% of its assets). By assets it was the 7th largest of 92 banks closed or assisted in 2011.
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The FDIC's record
- Closed
- September 23, 2011
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southern Bank and Trust Company, Mount Olive, NC
- Total assets
- $985,096,000
- Total deposits
- $901,845,000
- Estimated cost to the FDIC
- $238,719,329 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- DIF
- FDIC certificate
- 20408
Other bank failures in Virginia, 2009 to 2013
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Virginia Business Bank | Richmond | July 29, 2011 | $83.5 million | $73 million | $19.9 million | Xenith Bank |
| Imperial Savings and Loan Association | Martinsville | August 20, 2010 | $9.4 million | $10.1 million | $4.7 million | River Community Bank, National Association |
| Greater Atlantic Bank | Reston | December 4, 2009 | $203.3 million | $179.2 million | $26.6 million | Sonabank |
| Countrywide Bank FSB (assistance) | Alexandria | January 16, 2009 | $117.98 billion | $43.66 billion |
All bank failures in 2011 · All bank failures in Virginia · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.