FDIC Shuts Crofton Maryland Bank - 1st Bank Failure in Maryland in 16 Years!

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Real Estate Agent with Prudential PenFed Realty

From press releases obtained Friday evening from the FDIC - the FDIC has shut several more banks across the country.  The announcement took place at 6:13 p.m., and within minutes Suburban Federals website was taken down.  This Bank closure hits home. After a long history of community lending 53 years - losses kept piling up from an aggressive lending program that started in 2005. Along with several other banks across the country, the Federal Deposit Insurance Corp FDIC shut Suburban Federal Savings Bank of Crofton, Maryland, Friday. This is the first bank failure in Maryland in over 16 years.  The bank failed after it was unable to secure a buyer as requested by the FDIC - who gave them a January 30th deadline to secure a buyer of face closure.  So that makes a total of 6 banks shut in January across the US.  The Bank of Essex of Tappahannock, Virginia acquired the deposits and Suburban Federal's seven offices.  They are scheduled to open today as branches of the Bank of Essex.  The Bank of Essex also assured depositors that their deposits were safe.  Rising foreclosures and unemployment are placing strains on the banks.  The Office of Thrift Supervision OTS said it seized Suburban Federal Savings Bank of Crofton because of   losses stemming from residential, construction and land loans. In a statement from OTS said the bank "Suburban was critically undercapitalized and in unsound condition"

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Topic:
ActiveRain Community
Location:
Maryland Anne Arundel County Crofton
Tags:
maryland bank falure
maryland
bank failure
crofton maryland bank fails
crofton md
crofton bank failure
suburban federal saving bank crofton

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Rainmaker
389,576
Richard T. Dolbeare
R(B), ABR, CRS...Hawaii Multi-Island Specialist
Keller Williams Realty

Whoa, that is close to home (well, my former home anyway).  I lived in Croften for over a year while preparing to move to Hawaii.  I didn't have an account there but know the bank.  Unbelievable but then I guess it shouldn't be given today's conditions.

January 31, 2009 01:11 AM
Rainmaker
423,268
Ellen Crawford
Virginia & Maryland Real Estate
Prudential PenFed Realty

Richard Dolbeare (RA), ABR, CRS, BS/MS - Engineering Hawaii Dreams Today (Century 21 All Islands)  In the 1980's we had a State S&L Crisis here in Maryland with the FSLIC.  That was very scary.  Our funds were locked and then we were limited on our withdrawal amounts!

January 31, 2009 09:30 PM
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Rainmaker
423,268

Ellen Crawford

Virginia & Maryland Real Estate
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