January 16, 2009 – 9:41 pm

The FDIC has shut down the first bank of the year. One wonders what took so long… low staff due to vacations, perhaps? ┬áNational Bank of Commerce, a two-branch bank out of Berkeley, IL, had $430.9M in assets and $402.1M in deposits. The AP reports the deposits and branches will be assumed by Republic Bank of Chicago.

Interestingly, Republic is only acquiring $366.6M of National Bank of Commerce’s assets. The FDIC will retain the rest for eventual sale. $64M of bad assets… gotta wonder what’s in that pot.

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