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
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
5500 St. Charles Road
Berkeley, IL 60163
|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
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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
Bank Of Commerce In Berkeley
9/1/1984 - Changed name to National Bank Of Commerce
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|