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Bank of the Commonwealth
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State closes Bank of the Commonwealth
Bank is being acquired by Southern Bank and Trust
Updated: Friday, 23 Sep 2011, 6:40 PM EDT
Published : Friday, 23 Sep 2011, 6:36 PM EDT
NORFOLK, Va. (WAVY) - The Virginia State Corporation Commission has shut down the Bank of the Commonwealth.
The FDIC took control of the bank on September 23. Through an agreement with the FDIC, Southern Bank and Trust Company, of Mount Olive, N.C. will acquire the Norfolk-based bank.
The Bank of the Commonwealth has a main office and 16 branches in Virginia and four in North Carolina.
Deposit accounts with the bank have been transferred to Southern Bank and will be available during normal business hours.
Depositors with the bank will not incur any loss. Bank of the Commonwealth has been in existence since 1971.
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