Closed Friday, February 28, 2014 · Sterling, Loudoun County, Virginia
Millennium Bank, National Association
Millennium Bank, National Association's assets had shrunk 78% from their peak in the fourth quarter of 2006 by the last report before closing. Equity capital was below zero at its last report. No other Virginia bank failed in 2014.
On the books, 2006 to 2013
Total assets peaked at $583 million. Equity capital had covered 11% of assets in the first quarter of 2006. It lost money in every one of the eight reporting years on file before it closed. The deepest annual loss, $16.4 million, was booked in 2008.
Size against the other 2014 failures
Total assets of each 2014 failure, log scale; Millennium Bank in red.
By assets it ranked eighth of the 18 failures in 2014. Within Virginia it ranks 16th by size of the 41 failures recorded since 1934. Across the failures of 2014, the median estimated loss came to 13% of assets. In the size ranking of that year, just above it was Slavie Federal Savings Bank of Bel Air, Maryland ($140 million, loss 7.8% of assets); just below, Valley Bank of Fort Lauderdale, Florida ($81.8 million, loss 6.6% of assets). Every 2014 failure in the explorer.
The only other bank closed that day was Vantage Point Bank of Horsham, Pennsylvania.
Failures in Virginia
The previous failure there was Bank of the Commonwealth of Norfolk, on September 23, 2011. No bank in Virginia has failed since. No other failed bank in the FDIC's records was based in Loudoun County.