National Bank of Commerce
Who: National Bank of Commerce
What: 1st bank failure of 2009 (Jan. 16, 2009)
Where: Berkeley, Illinois
Why: Bad assets
Fast Facts: As of January 7, 2009, National Commerce Bank had total assets of $430.9 million and total deposits of $402.1 million. In addition to assuming all of the failed bank's deposits, Republic Bank agreed to purchase approximately $366.6 million in assets at a discount of $44.9 million. The FDIC will retain the remaining assets for later disposition. The last Illinois bank to fail was Eldred-based Meridian Bank, in October 2008.
Comments