Friday Failure

Well it took three weeks but we have our first bank failure of 2009. And the winner is Illinois based National Bank of Commerce. Here are the details from Reuters.

The Federal Deposit Insurance Corp said National Bank had $430.9 million in assets and $402.1 million in deposits. Republic Bank of Chicago will assume the failed bank’s insured deposits, it said.

Republic Bank will also purchase $366.6 million in National Bank’s assets at a discount of $44.9 million, the agency said.

It won’t be the last victim.

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