The Federal Deposit Insurance Corporation (FDIC) has closed Illinois-based Bank of Commerce, The Wall Street Journal reports. Advantage National Bank Group will assume the failed bank’s $163.1 million in total assets and $161.4 million deposits.
The FDIC and Advantage will also share losses on $145.7 million of the failed bank’s loans and other assets, adds The Associated Press. The failure of the bank is expected to cost the deposit insurance fund $41.9 million.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from The Associated Press.
