JUPITER, Florida (March 28, 2011) — On Friday, regulators closed one bank: The Bank of Commerce, Wood Dale, Illinois. This brings the total number of U.S. bank and thrift failures to 26 for 2011, behind last year’s pace of 41.
The Bank of Commerce, Wood Dale, Illinois, northwest of Chicago, with assets of $163 million at December 31, 2010 had been rated E- (“Very Weak”) for the last seven quarters by Weiss Ratings and was first identified as “Weak” in September 2008 based on second quarter 2008 data. It reported a loss of more than $8.3 million through December 31, 2010. The Bank of Commerce had below-FDIC-mandated Tier 1 (5%) and Risk-Based Capital (6%) ratios of 0.41% and 1.03%, respectively. Nonperforming loans represented 28% of its loan portfolio. Advantage National Bank Group, Elk Grove Village, Illinois, with assets of $503.6 million and a Weiss Rating of “D+” will assume the deposits of The Bank of Commerce.
Weiss Ratings, the nation’s leading independent provider of bank, credit union and insurance company financial strength ratings, accepts no payments for its ratings from rated institutions. It also distributes independent investment ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs.
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