Two Federal Deposit Insurance Corp. (FDIC)-insured banks fell last week, costing the agency's Deposit Insurance Fund an estimated total of $62.9 million.
State regulators in Nevada closed Las Vegas-based Nevada Commerce Bank, which the FDIC transitioned to Los Angeles-based City National Bank. City National Bank agreed to purchase the failed bank's assets, which totaled nearly $145 million at the end of last year. Nevada Commerce Bank is the first FDIC-insured institution to close in the state since last July.
The Office of the Comptroller of the Currency closed Western Springs, Ill.-based Western Springs National Bank and Trust. The FDIC entered into a purchase-and-assumption agreement with Bloomington, Ill.-based Heartland Bank and Trust Co. Heartland Bank and Trust agreed to buy the failed bank's assets, which measured $186.8 million at the end of 2010. The last FDIC-insured bank to close in Illinois was The Bank of Commerce on March 25.
SOURCE: FDIC
