FDIC Launches First Bank Takeovers of 2009
January 17th, 2009 at 12:06 pm - by admin
The Federal Deposit Insurance Corporation on Friday announced the takeover of two banks in Illinois and Washington, the first bank failures of the year and the 27th in the last 12 month period of the financial crisis we’ve come to report nearly every day.
Illinois-based National Bank of Commerce and the Bank of Clark County, Washington were both taken over by FDIC and state regulators Friday with the National Bank’s assets being destined to be sold off to the Republic Bank of Chicago and Oregon-based Umpqua Bank will receive the assets and deposits of the Clark County bank.
The National Bank of Commerce had assets totaling $430 million and will have $366 million of those assets sold for just over $320 million. The Bank of Clark County held just over $445 million, FDIC was named the receiver, and will receive the assets which the Umpqua Bank refused to purchase - $117.8 million in brokered deposits.
