In one form or another, I’ve been involved with National Bank of Commerce in Berkeley for roughly 10 years. Since they’ve always been good to me and are in the same city as the house, they were my first choice for a mortgage. I contacted the vice president, and he put me in touch with a mortgage expert. What came next confused me, but now makes total sense.
I was told that they were between two mortgage companies and that they hope to have things finaluzed by February. They are a smaller bank, so I figured “ok sure, they use someone to write their loans.”
Maybe… maybe not.
http://www.fdic.gov/bank/individual/failed/commerce.html
On January 16, 2009, National Bank of Commerce, Berkeley, IL was closed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
http://www.natlbankofcommerce.com/
On January 16,2009 at 6:00 p.m., Republic Bank of Chicago, headquartered in Oak Brook, Illinois, acquired all insured and uninsured deposits and loans of Republic Bank with locations in Berkeley and Addison, Illinois. Serving greater Chicagoland, Republic Bank is “well capitalized” by regulatory standards with capital over $100 million. In addition to Republic Bank’s 10 other banking centers, the two newly acquired locations in Berkeley and Addison will be open for normal business hours Saturday morning.
Maybe they were not writing loans because they’d not be around by weeks end.
