Regulators Return to Action

This Friday, 17th ranked Western Springs National Bank and Trust of Western Springs, IL became the first bank to be shut down by regulators in two week. Western had approximately $186.8 million in total assets and $181.9 million in total deposits it was closed. Heartland Bank and Trust Company, (2746th) of Bloomington, IL assumed nearly all the assets and assumed all the deposits. The FDIC estimates the cost at the closing to be $31.0 million primarily due to a loss-share transaction on $100.8 million of Western Springs National Bank and Trust's commercial loans.

93rd ranked Nevada Commerce Bank of Las Vegas, Nevada was also closed today. City National Bank (1644th) of Los Angeles, California, to assume all of the deposits of Nevada Commerce Bank. This is the fourth acquisition of a failed bank by City National Bank since the start of the financial crisis and the second in Las Vegas. Nevada Commerce Bank had assets of approximately $144.9 million and deposits of $136.4 million and its closing is expected to cost the insurance fund $31.9 million.