FDIC announces 1st bank failure of the year (National Bank of Commerce in Berkeley, Ill)

[Pale Blue Dot]

Source: CNN

NEW YORK (CNNMoney.com) -- The National Bank of Commerce in Berkeley, Ill. was shuttered Friday by federal regulators according Federal Deposit Insurance Corporation.

National Bank of Commerce with total assets of $430.9 million, and total deposits of $402.1 million is the first bank to fail in 2009.

FDIC has entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce.

Republic Bank intends to purchase about $366.6 million of National Bank of Commerce's assets at a discount of $44.9 million, according to the FDIC, which will retain the rest for later distribution.

The FDIC said that the National Bank of Commerce's two branches will reopen Saturday as branches of Republic Bank of Chicago.

Read more: http://money.cnn.com/2009/01/16/news/economy/bank_failure/?postversion=2009011619

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It wasn't too big to fail, I guess.

[Doctor Cynic]

1. They say hunderds of banks will shut in the US this year.

[doc03]

2. Isn't that Mr. Drysdale's bank? Did the Clampetts

finally pull their money out?

on edit: Excuse me that's Illinois not California.

[aquart]

3. It must be Friday.