FDIC Report: First Two Bank Failures of 2009 in U.S.

First Two Bank Failures of 2009: National Commerce Bank of Berkeley, IL and Bank of Clark County, Vancouver, WA became the first two banks to fail in the US on Friday according to the Federal Deposit Insurance Company (FDIC). The insured deposits of National Commerce will be taken over by Republic Bank of Chicago and the insured deposits of Bank of Clark County will taken over by Umpqua Bank.

As of January 7, 2009, 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.

As of January 13, 2009, Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. 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.

Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds.

First Two Bank Failures of 2009, According to Federal Deposit Insurance Company. National Commerce Bank of Berkeley, IL and Bank of Clark County, Vancouver, WA became the first two banks to fail in the US on Friday according to the Federal Deposit Insurance Company (FDIC). The insured deposits of National Commerce will be taken over by Republic Bank of Chicago and the insured deposits of Bank of Clark County will taken over by Umpqua Bank.

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