National Bank of Commerce, Berkeley, IL Closed by FDIC

January 16, 2009

National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC 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.

The two locations of National Bank of Commerce will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of the failed bank will automatically become depositors of Republic Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank can fully integrate the deposit records of National Bank of Commerce.

Source:  FDIC Press Release

Bank of Clark County, Vancouver, WA Closed by FDIC

January 16, 2009

Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County.

Bank of Clark County will reopen on Tuesday, due to the Martin Luther King, Jr. holiday, as branches of Umpqua Bank. Depositors of the failed bank will automatically become depositors of Umpqua Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Source:  FDIC Press Release

Citigroup to be nationalized?

January 15, 2009

Federal Deposit Insurance Corp. Chairman Sheila Bair stated that she would “be very surprised” if the government took control of any large U.S. banks, in response to a reporter’s question in the face of speculation that the federal government is on the brink of taking over Citigroup, Inc.

From Bloomberg

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