2009 may be a bumper year for bank failures.TheFDIChas the option of insuring all deposits,including those in excess of the FDIC insurance.
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WASHINGTON (AP) - The financial crisis has claimed two more small banks.
The Federal Deposit Insurance Corporation has been appointed receiver of National Bank of Commerce in Illinois and Bank of Clark County in Washington state. They're the first two federally insured banks to fail and be shuttered by regulators this year.
The FDIC says all of National Bank's deposits will be assumed by Republic Bank of Chicago, based in Oak Brook, Ill. On Saturday National Bank's two branches will also reopen as offices of Republic Bank.
Oregon-based Umpqua Bank will take over Bank of Clark County, and assume only its insured deposits. The FDIC says as of Friday there were about $39.3 million in uninsured deposits that potentially exceed the insurance limits.
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First Two Bank Failures of 2009
