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Failed Bank Information
Information
for National Bank of Commerce, Berkeley, IL
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims
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I. Introduction |
On January 16, 2009, National Bank of Commerce, Berkeley, IL was
closed by the Office of the Comptroller of the Currency (OCC) and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct
deposit, and other relationships with the institution. The FDIC has compiled the following information which should
answer many of your questions. |
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II. Press
Release |
The FDIC has issued a press release
(PR-005-2009) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
LaJuan Williams-Dickerson at 202-898-3876. |
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III. Acquiring
Financial Institution |
All deposit accounts and all loans have been transferred to
Republic Bank of Chicago, Oak Brook, IL
("assuming
institution")
and will be available immediately. On Saturday,
January 17, 2009,
the former National Bank of Commerce locations will reopen as branches of
Republic Bank of Chicago.
Your 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. Checks
that were drawn on National Bank of Commerce that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. You may speak to an FDIC
representative regarding deposit insurance by calling: 1-800-760-3641
or visit EDIE the FDIC's Electronic Deposit Insurance
Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with Republic Bank of Chicago as long as
the deposits are not pledged as collateral for loans. You may view more
information about Republic Bank of Chicago by visiting their web site.
Republic Bank of Chicago (www.republicebank.com) |
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V. Banking Services |
The Automated Teller Machines (ATM), drive through tellers, and online services will remain available.
As of Saturday, January 17, 2009,
you may continue to use the services to which you previously had access,
such
as,
safe deposit boxes,
etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, January 16, 2009, will
be paid at your same rate. Republic Bank of Chicago will
be reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
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VI. Loan
Customers |
If you had a loan with National Bank of Commerce, you should
continue to make your payments as usual. The terms of your loan
will not change under the terms of the loan contract because they are contractually
agreed to in your promissory note with the failed institution. Checks
should be made payable as usual and sent to the same address until further
notice.
For all questions regarding new loans and the lending policies of Republic Bank of Chicago, please contact your branch office. |
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VII. Possible
Claims |
On January 16, 2009, National Bank of Commerce was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Republic Bank of Chicago acquired the assets and most of the liabilities of National Bank of Commerce from the FDIC as Receiver for National Bank of Commerce. Any claims by equity holders were not acquired.
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. Please contact Commerce
Bancorp, Inc. directly for information:
5500 St. Charles Road
Berkeley, IL 60163
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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
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General Disclaimer |
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