OCC Appoints Receiver for Millennium Bank, N.A., Sterling, Virginia

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Millennium Bank, N.A., Sterling, Virginia, a national bank.  As of December 31, 2013, the institution had approximately $130 million in total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized.

The FDIC will release information about the resolution of the bank.