Failed Bank List

Closed Friday, December 4, 2009 · Reston, Fairfax County, Virginia

Greater Atlantic Bank

No bank in Virginia had failed for 16 years, since New Atlantic Bank, National Association closed in 1993. Greater Atlantic Bank's founding in 1887 put it past its 100th year when it closed. Its assets had shrunk 62% from their peak in the first quarter of 2004 by the last report before closing.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M20022003200420052006200720082009Closed
Total assets peaked at $538 million. Equity capital went from 5.3% of assets in the fourth quarter of 2001 to below zero at the last report. It reported a net loss in five of its final nine reporting years. The deepest annual loss, $11.1 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$12M−$12M2001: $346 thousand20015.3%2002: $1.9 million20025.8%2003: $1.6 million20035.8%2004: −$1.3 million20046.8%2005: −$3.4 million20056.7%2006: −$2.9 million20066.3%2007: $1.8 million20078.0%2008: −$11.1 million20081.5%2009: −$6.1 million2009*neg.
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Greater Atlantic Bank in red.

By assets it ranked 82nd of the 140 failures in 2009. Within Virginia it ranks 14th by size of the 41 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was InBank of Oak Forest, Illinois ($210 million, loss 27% of assets); just below, Community Bank of West Georgia of Villa Rica, Georgia ($201 million, loss 36% of assets). Every 2009 failure in the explorer.

Regulators closed six banks that day. The largest of the others was AmTrust Bank of Cleveland, Ohio, at $11.4 billion.

Failures in Virginia

The next was Imperial Savings and Loan Association of Martinsville, on August 20, 2010. Fairfax County has 8 failed banks on FDIC record since 1934. Closest in time: Madison National Bank of Virginia (1991), Perpetual Savings Bank, FSB (1992), Vista Federal Savings Bank (1992), The Washington Bank (1992), The Sailors and Merchants Bank and Trust Company (1992).

Bank failures in Virginia per year, 1980 to 20260258101982: 11984: 11988: 11989: 51990: 31991: 61992: 91993: 12009: 12010: 12011: 22014: 119801990200020102020
Per year since 1980, 2009 in red. Every Virginia failure

FDIC certificate 32583 · loss estimate as of July 31, 2026 · How to read this page