Small Sterling bank closed by regulators

Published March 3, 2014 by Jessica Sabbath

Millennium Bank N.A. in Sterling was closed last week by federal regulators, making it the fourth institution to fail in the U.S. this year.

The Federal Deposit Insurance Corp. (FDIC) announced Friday that it took over the bank and that it had entered into a purchase agreement with WashingtonFirst Bank to assume all deposits of Millennium for the FDIC premium of 1 percent. WashingtonFirst, based in Reston, also has agreed to purchase almost all of the failed bank’s assets.

Millennium Bank had two branches, which are now branches of WashingtonFirst. Deposits will continue to be insured by the FDIC.

As of Dec. 31, Millennium Bank had about $130.3 million in total assets and $121.7 million in total deposits.
FDIC estimates that the cost to the Deposit Insurance Fund will be $7.7 million.

The last FDIC- insured institution closed in Virginia was the Bank of the Commonwealth in Norfolk, which closed Sept. 23, 2011.