Suburban Federal bank closed by federal regulators

[FreeStateDemocrat]

Source: Baltimore Sun

53-year-old family-owned Md. institution found to be undercapitalized and in unsound condition
By a Baltimore Sun reporter
6:40 PM EST, January 30, 2009

Federal regulators this evening closed Suburban Federal Savings Bank of Crofton, in the first bank failure in Maryland since 1992. The Bank of Essex in Tappahannock, Va., has acquired Suburban's branches and all of its deposits.

The 53-year-old family-owned bank, which was trying to recover from millions of dollars in soured loans, had been given a deadline of today to find a buyer or be taken over.

The Office of Thrift Supervision had declared the bank, with seven branches and 60 employees, was undercapitalized and in unsound condition.

Suburban branches will open tomorrow as usual but under the Bank of Essex banner. Customers will be able to continue to write checks and use ATM cards.


Read more: http://www.baltimoresun.com/business/investing/bal-suburbanfed0130,0,4938511.story

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Another bits the dust, looking at another post this should be bank closing #5 so far this year.