Audit Report. Safety and Soundness: Material Loss Review of National Bank of Commerce

摘要

This report presents the results of our review of the failure of National Bank of Commerce (NBC), of Berkeley, Illinois, and of the Office of the Comptroller of the Currencys (OCC) supervision of the institution. Our review is mandated under section 38(k) of the Federal Deposit Insurance Act, as amended. OCC closed NBC and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on January 16, 2009. As of June 30, 2009, FDIC estimated that the loss to the Deposit Insurance Fund would be $92.5 million because of NBCs failure.