Bank of the Commonwealth
Norfolk, VA · Owner: Commonwealth Bankshares Inc
$985M
total assets, June 30, 2011
$985M
total assets, June 30, 2011
Bank of the Commonwealth was a state member bank in Norfolk, VA, owned by Commonwealth Bankshares Inc. It failed on Sep 23, 2011, and Southern Bank And Trust Company took over its deposits. At its last report it held $985.1 million in assets.
Updated Oct 11, 2026 · numbers as of June 30, 2011
This bank failed
- Failed on
- Sep 23, 2011
- Assets
- $985M
- Deposits
- $902M
- Estimated cost
- $239M
- Deposits went to
- Southern Bank And Trust Company, Mount Olive, NC
Total assets
$985M
-19.4% in a year · -4.5% in a quarter
Deposits
$902M
-12.6% in a year · -1.2% in a quarter
Loans
$840M
-12.7% in a year · -6.5% in a quarter
Profit so far
-$32.8M
Jan 1 to Jun 30, 2011
Capital ratio
1.61%
-5.25 pts in a year
Return on assets
-6.31%
-5.83 pts in a year
Facts
- Type
- State member bank
- Head office
- Boush And Freemason Streets, Norfolk, VA, 23510
- County
- Norfolk City
- Holding company
- Commonwealth Bankshares Inc
- Established
- Apr 14, 1971
- Failed
- Sep 23, 2011
- Employees
- 201
- Branches
- 21 in 2 states
- Id
- b20408
Quarter by quarter
March 31, 1984 to June 30, 2011
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Related pages
Questions and answers
How big is Bank of the Commonwealth?
$985.1 million in total assets and $901.8 million in deposits as of June 30, 2011, with assets down 19.4% from a year before. Its loans were $839.7 million.
How many branches does Bank of the Commonwealth have?
21 branches in 2 states as of June 30, 2026.
Is Bank of the Commonwealth profitable?
No: it lost $32.8 million from January 1 to June 30, 2011. Its return on assets was -6.31% a year; about 1% is typical.
Who owns Bank of the Commonwealth?
Bank of the Commonwealth is owned by Commonwealth Bankshares Inc, its holding company.
When did Bank of the Commonwealth fail?
Sep 23, 2011. Southern Bank And Trust Company of Mount Olive, NC took over its deposits. The estimated cost of the failure was $238.7 million.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.