Failed Bank Information
Information for The Bank of Commerce, Wood Dale, IL
- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (10.57 MB PDF File - PDF Help)
- Bid Summary
- The Bank of Commerce Contact Information
- Balance Sheet Summary
I. Introduction
On Friday, March 25, 2011, The Bank of Commerce, Wood Dale, IL was closed by the Illinois Department of Financial & Professional Regulation-Division of Banking, 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.
Back to topII. Press Release
The FDIC has issued a press release
(PR-058-2011) about
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact LaJuan Williams-Young at
1-202-898-3876.
III. Acquiring Financial Institution
All deposit accounts, including brokered deposits, have been transferred to Advantage National Bank Group, Elk Grove Village, IL ("assuming institution") and will be available immediately. The former Bank of Commerce location will reopen as a branch of Advantage National Bank Group during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Advantage National Bank Group for six
months after the failure of The Bank of Commerce. Checks
that were drawn on The Bank of Commerce that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-591-2916.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 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 Advantage National Bank Group as long as the deposits are not pledged as collateral for loans. You may view more information about Advantage National Bank Group by visiting their web site.
Advantage National Bank Group (www.advantagenationalbank.com)
Back to topV. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, 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, March 25, 2011 will be paid at your same rate. Advantage National Bank Group will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.
Back to topVI. Loan Customers
If you had a loan with The Bank of Commerce, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies of Advantage National Bank Group, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
Back to topVII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to The Bank of Commerce after Friday, March 25, 2011 and have not been paid, you do not have a claim against The Bank of Commerce. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to The Bank of Commerce prior to Friday, March 25, 2011 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for The Bank of Commerce prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before .
All shares of The Bank of Commerce were owned by its holding company, Bancshares Holding Corp., Wood Dale, IL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Bancshares Holding Corp., please do not contact or file a claim with the Receiver. You must contact Bancshares Holding Corp. directly for information as follows:
171 East Irving Park Road
Wood Dale, IL 60191
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
IX. Dividend Information
Back to topX. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker's Processing Guide
Back to top General Disclaimer