FDIC Friday - April 8th Update
Posted: Mon Apr 11, 2011 7:22 amWestern Springs National Bank and Trust, Western Springs, IL
As of December 31, 2010, Western Springs National Bank and Trust had approximately $186.8 million in total assets and $181.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company 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 $31.0 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Western Springs National Bank and Trust is the 27th FDIC-insured institution to fail in the nation this year, and the fourth in Illinois. The last FDIC-insured institution closed in the state was The Bank of Commerce, Wood Dale, on March 25, 2011.
Nevada Commerce Bank, Las Vegas, NV
As of December 31, 2010, Nevada Commerce Bank had approximately $144.9 million in total assets and $136.4 million in total deposits. In addition to paying a premium of 0.71 percent to assume all of the deposits of the failed bank, City National Bank 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 $31.9 million. Compared to other alternatives, City National Bank's acquisition was the least costly resolution for the FDIC's DIF. Nevada Commerce Bank is the 28th FDIC-insured institution to fail in the nation this year, and the first in Nevada. The last FDIC-insured institution closed in the state was SouthwestUSA Bank, Las Vegas, on July 23, 2010.
As of December 31, 2010, Western Springs National Bank and Trust had approximately $186.8 million in total assets and $181.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company 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 $31.0 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Western Springs National Bank and Trust is the 27th FDIC-insured institution to fail in the nation this year, and the fourth in Illinois. The last FDIC-insured institution closed in the state was The Bank of Commerce, Wood Dale, on March 25, 2011.
Nevada Commerce Bank, Las Vegas, NV
As of December 31, 2010, Nevada Commerce Bank had approximately $144.9 million in total assets and $136.4 million in total deposits. In addition to paying a premium of 0.71 percent to assume all of the deposits of the failed bank, City National Bank 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 $31.9 million. Compared to other alternatives, City National Bank's acquisition was the least costly resolution for the FDIC's DIF. Nevada Commerce Bank is the 28th FDIC-insured institution to fail in the nation this year, and the first in Nevada. The last FDIC-insured institution closed in the state was SouthwestUSA Bank, Las Vegas, on July 23, 2010.