Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

National Bank of Commerce, Berkeley IL

National Bank of Commerce - Unclaimed bank account search

National Bank of Commerce  - missing bank account search

lost bank account search - National Bank of Commerce

January 16, 2009: National Bank of Commerce, Berkeley, IL was closed by the Office of the Comptroller of the Currency (OCC). The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of January 7, 2009, National Commerce Bank had assets of $430.9 million and deposits of $402.1 million.

All deposit accounts and loans have been transferred to Republic Bank of Chicago, Oak Brook, IL and are available immediately. On Saturday, January 17, 2009, both former National Bank of Commerce locations reopened as branches of Republic Bank of Chicago. 

Transferred deposits will be separately insured from any accounts you may already have at Republic Bank of Chicago for six months after the failure of National Bank of Commerce.

All interest accrued through Friday, January 16, 2009, will be paid at your same rate; however Republic Bank of Chicago will be reviewing rates.

In addition to assuming all of the failed bank's deposits, Republic Bank agreed to purchase $366.6 million in assets at a discount of $44.9 million. The FDIC will retain the remaining assets for later disposition.

Republic Bank of Chicago
2221 Camden Court
Oak Brook, IL 60523
(630) 241-4500
http://www.republicebank.com

The FDIC estimates that the cost to the Deposit Insurance Fund will be $97.1 million.

For additional information and assistance contact the FDIC at: 800-760-3641; or go to: http://www.fdic.gov/bank/individual/failed/commerce.html

2009 FDIC Insured Failed Banks
 
 
 
 
National Bank of Commerce
5500 St. Charles Road
Berkeley, IL 60163
http://www.natlbankofcommerce.com
 

Established on 7/26/1966 as
Bank Of Commerce In Berkeley
 

Assets: $431 million
Deposits: $402 million
 
 
Cost to FDIC: $197.1 million

 

 
 

Creditor Claims: There was no publicly owned stock in National Bank of Commerce. If you are an equity shareholder, your shares are in Commerce Bancorp, Inc., Berkeley, IL, the holding company for National Bank of Commerce, and not the institution. Commerce Bancorp, Inc. and the interests of equity, debt holders or other creditors of Commerce Bancorp, Inc. are not included in the closure or receivership of the institution.

All claims against National Bank of Commerce, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

FDIC as Receiver of National Bank of Commerce
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
800-568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 7/26/1966 as Bank Of Commerce In Berkeley
9/1/1984
 - Changed name to National Bank Of Commerce

SITEMAP TERMS OF USE FAILED BANK REPORTER
HOME
FAQ CONTACT US
 
2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES