Data / Bank failures / 1991 / Madison National Bank of Virginia
Madison National Bank of Virginia, McLean, VA: failed May 10, 1991
Madison National Bank of Virginia in McLean, Virginia, failed on May 10, 1991. Signet Bank - Virginia of Richmond, VA, took over its deposits. It held $174.2 million in assets and $159.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $18.2 million (10.5% of its assets). By assets it was the 95th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- May 10, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Signet Bank - Virginia, Richmond, VA
- Total assets
- $174,187,000
- Total deposits
- $159,413,000
- Estimated cost to the FDIC
- $18,207,218 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- BIF
- FDIC certificate
- 20210
Other bank failures in Virginia, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| New Atlantic Bank, NA | Norfolk | August 12, 1993 | $15.1 million | $14.4 million | $792,379 | Bank of Hampton Roads |
| Sailors & Merchants B&T Co. | Vienna | December 11, 1992 | $34.8 million | $34.5 million | $5 million | First Union Bank of Virg |
| Peidmont Fsa | Manassas | October 9, 1992 | $444.6 million | $370.1 million | $75.6 million | Crestar Bank |
| The Washington Bank | Fairfax County | September 18, 1992 | $28.1 million | $27.9 million | $5.1 million | George Mason Bank |
| Liberty FSB | Warrenton | July 17, 1992 | $92 million | $86.9 million | $12.3 million | Jefferson NB |
| Home FSB | Norfolk | July 10, 1992 | $224.2 million | $195.2 million | $42.8 million | Home SB, FSB |
| Federal Sa of Virginia | Falls Church | April 10, 1992 | $31.5 million | $29.6 million | $14.5 million | Fairfax B&TC |
| Commonwealth FSB | Manassas | April 3, 1992 | $72.5 million | $64.8 million | $16.4 million | Fairfax B&TC |
All bank failures in 1991 · 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.