After closing 0 banks last Friday for only the 2nd week this year, Shelia and friends took it easy this week as well closing only 1 bank.
The Bank of Commerce, Wood Dale, IL became the 26th bank to fail in 2011, and the 3rd in Illinois.
The Bank of Commerce had $163.1 Million in assets, and $161.4 Million in deposits at time of failure.
The FDIC had to enter a loss share transaction of $145.7 Million to entice a buyer.
The FDIC estimated the hit to the Deposit Insurance Fund of $41.9 Million. This means the FDIC valued their assets at $119.5 Million, rather than the $163.1 Million listed by the bank. This is an overstatement of 36.4% of total assets.
There are no NCAA tourny games scheduled for next Friday, so we can expect a more typical 5-6 failures next week.
Press Release
