Didn’t take long for the first bank failures of 2009 to pop up for a combined cost of $200 million to the FDIC.
The National Bank of Commerce based in Berkeley Illinois and the Bank of Clark County based in Vancouver Washington have both been closed by the FDIC. The Bank of Clark County is the first bank to fail in Washington since 1993.
The FDIC has announced that the banks will be purchased by other healthier banks.
Republic Bank will purchase $366.6 million of National Bank of Commerce’s assets leaving the rest for distribution by the FDIC at a later date. The two branches taken over will reopen as Republic Bank of Chicago over the weekend.
Umpqua bank of Roseburg, Oregon will purchase Bank of Clark County and will reopen branches as Umpqua Bank on Tuesday.
