First bank failures of '09

Two banks go under: National Bank of Commerce in Illinois and Bank of Clark County in Washington state.

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NEW YORK ( -- The financial crisis has claimed its first two banks in 2009 at an approximate cost to the FDIC of more than $200 million.

The Federal Deposit Insurance Corp. announced Friday that the National Bank of Commerce in Berkeley, Ill., and Bank of Clark County in Vancouver, Wash., had been shuttered.

Bank of Clark County was the first bank in Washington state to fail since 1993.

Nationwide, as the economy's problems have deepened, the number of bank failures has risen dramatically. Last year, 25 banks closed, compared to only three in 2007 and none in 2006 and 2005.

On Friday, the FDIC said that it has entered into a purchase and assumption agreement with Republic Bank of Chicago in Oak Brook, Ill., to assume the deposits of National Bank of Commerce.

National Bank of Commerce had total assets of $430.9 million and total deposits of $402.1 million.

Republic Bank intends to purchase about $366.6 million of National Bank of Commerce's assets at a discount of $44.9 million, according to the FDIC, which will retain the rest for later distribution.

The FDIC said that the National Bank of Commerce's two branches will reopen Saturday as branches of Republic Bank of Chicago.

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

Separately, the FDIC said Friday that the FDIC entered into a purchase and assumption agreement with Umpqua Bank of Roseburg, Ore., to assume the insured deposits of the Bank of Clark County.

According to the FDIC, Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. Uninsured deposits totaled $39.3 million.

Bank of Clark County will reopen on Tuesday as branches of Umpqua Bank.

The FDIC estimates the cost to its insurance fund will be between $120 million and $145 million.  To top of page

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