Illinois bank failure brings the total for year to 26

Regulators closed the Bank of Commerce, in Wood Dale, Ill., on Friday, making it the 26th bank to fail this year.

 

At this time last year, 41 banks had been shut down.

 

Advantage National Bank Group, based in Elk Grove Village, Ill., absorbed Bank of Commerce, which had one branch, $161.4 million in deposits and $163.1 million in assets.

 

Advantage National  paid a 0.1 percent premium for the deposits. The Federal Deposit Insurance Corp. has agreed to share in the losses on $145.7 million of the acquired assets.

 

Bank of Commerce had received a "prompt corrective action'' notice from the FDIC in December, ordering it to raise new capital or find a buyer or merger partner. The bank was unsuccessful in that pursuit.

 

The FDIC said Bank of Commerce's failure would cost its deposit insurance fund an estimated $41.9 million.

  

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