Suburban Federal Savings Bank
Who: Suburban Federal Savings Bank
What: 5th bank failure of 2009 (Jan. 30, 2009)
Where: Crofton, Maryland
Why: Bad real estate loans.
Fast Facts: Bank of Essex, Tappahannock, Virginia assumed all deposits from Suburban Federal; as of September 30, 2008, Suburban Federal had total assets of approximately $360 million and total deposits of $302 million. In addition to assuming all of the failed bank's deposits, Bank of Essex agreed to purchase approximately $348 million in assets at a discount of $45 million.