by Calculated Risk on 1/16/2009 07:37:00 PM

From the FDIC: Republic Bank of Chicago Acquires All the Deposits of National Bank of Commerce, Berkeley, IL (hat tip Soylent Green Is People)

National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce.
...
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.
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The FDIC estimates that the cost to the Deposit Insurance Fund will be $97.1 million.

Now it feels like a Friday.