OCC Closes Two Banks

Posted by Orb Staff on January 19, 2009 No Comments
Categories : Residential Mortgage

Two banks have been closed by the Office of the Comptroller of the Currency, and their deposits have been acquired in transactions brokered by the Federal Deposit Insurance Corp. (FDIC). The FDIC – named receiver for National Bank of Commerce, Berkeley, Ill. – has entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Ill., to assume all of the deposits of National Bank of Commerce.

As of Jan. 7, 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.

Additionally, the FDIC was named receiver for the Bank of Clark County, Vancouver, Wash. The agency entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Ore., to assume the insured deposits of the Bank of Clark County.

The Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million, as of Jan. 13. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

SOURCE: FDIC

Register here to receive our Latest Headlines email newsletter




Leave a Comment