FIs closed: The Bank of Commerce, Woodvale, Illinois, USA
On Friday, 25 March, 2011, The Bank of Commerce, Wood Dale, IL was closed by the Illinois Department of Financial & Professional Regulation-Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Advantage National Bank Group, Elk Grove Village, Illinois, to assume all of the deposits of The Bank of Commerce.
The sole office of The Bank of Commerce reopened during normal business hours beginning Saturday 26th March. The failed bank will operate as a branch of Advantage National Bank Group.
As of 31 December, 2010, The Bank of Commerce had approximately USD163.1 million in total assets and USD161.4 million in total deposits.
In addition to paying a premium of 0.10% to assume all of the deposits of the failed bank, Advantage National Bank Group agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD41.9 million.
The Bank of Commerce is the 26th FDIC-insured institution to fail in the USA this year and the third in Illinois.
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