- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (3.90 MB PDF File - PDF Help)
- Bid Summary
- Receivership Termination
On Friday, July 29, 2011, Virginia Business Bank, Richmond, VA was
closed by the Virginia State Corporation Commission, and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.Back to top
The FDIC has issued a press release (PR-126-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.Back to top
All deposit accounts, including brokered deposits, have been transferred to Xenith Bank, Richmond, VA ("assuming institution") and will be available immediately. The former Virginia Business Bank location will reopen as a branch of Xenith Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Xenith Bank for six
months after the failure of Virginia Business Bank. Checks
that were drawn on Virginia Business Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-837-0215.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Xenith Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Xenith Bank by visiting their web site.
Xenith Bank (www.xenithbank.com)Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.
The FDIC as Receiver for Virginia Business Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in Virginia Business Bank on August 13, 2012.
The Receiver has made all dividend distributions required by law.
Effective October 11, 2012, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity