Time Ran Out for Millennium Bank

Just off the list at 49th, Millennium Bank, National Association of Sterling, Virginia, was closed today by the Office of the Comptroller of the Currency. The approximately $130.3 million in total asset bank was acquired by WashingtonFirst Bank (1018th) of Reston, Virginia. They also assumed $121.7 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a scant $7.7 million.

Also this week, 146th ranked Vantage Point Bank of Horsham, Pennsylvania, was closed today by state regulators. First Choice Bank (2624th) of Mercerville has acquired the $63.5 million in total assets and $62.5 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $8.5 million.