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2 Banks First to Fail in '09

Bank of Clark County, National Bank of Commerce closed by regulators

Jan. 19, 2009

By MortgageDaily.com staff

Two banks with nearly $1 billion in assets between them were the first two government-insured casualties of the new year.

The Washington Department of Financial Institutions shut down Bank of Clark County on Friday, according to an announcement from the Federal Deposit Insurance Corporation -- which was named receiver.

In its own news release, the state cited inadequate capital and liquidity for its actions and said loan portfolio deterioration and economic instability combined to push the bank into insolvency.

The Vancouver-based bank had $367 million in deposits and $447 million in assets as of Jan. 13. Mortgages on the balance sheet were $340 million as of Sept. 30, 2008, including $156 million in construction and land development loans, $120 million in commercial real estate loans and $48 million in residential mortgages.

Umpqua Bank has agreed to assume around $249 million in deposits. Approximately $118 million in brokered deposits were excluded. The FDIC did not indicate that the Roseburg, Ore.-based institution was acquiring any of Bank of Clark County's assets.

Uninsured deposits were around 138 accounts for $39 million when the 91-employee bank failed. The hit to FDIC's Deposit Insurance Fund is expected to be between $120 and $145 million.

Another failure Friday was National Bank of Commerce, which was closed down by the Office of the Comptroller of the Currency. FDIC was also named receiver of the Berkeley, Ill.-based bank.

"The OCC acted after finding that the bank was critically undercapitalized and had no reasonable prospect of becoming adequately capitalized," the federal regulator said in an announcement.

Republic Bank of Chicago assumed National Bank's deposits, which were reported at $402 million as of Jan. 7. The Oak Brook, Ill.-based institution also acquired $367 million of National Bank's $431 million in assets at a $45 million discount.

FDIC's insurance fund is expected to take a $97 million hit in the failure of National Bank, which was founded in 1966.

Bank of Clark County and National Bank were the first two FDIC-insured bank failures of 2009.

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