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Bank Failures

Failed Bank Information for The Bank of Commerce, Wood Dale, IL

On March 25, 2011, The Bank of Commerce, Wood Dale, IL was closed by the Illinois Department of Financial & Professional Regulation-Division of Banking. The FDIC was named Receiver. Advantage National Bank Group, Elk Grove Village, IL acquired all deposit accounts.

The FDIC as Receiver for The Bank of Commerce, Wood Dale, IL has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on November 22, 2017 and has made all dividend distributions required by law.

Effective April 1, 2018, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

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Notice of Termination

Effective Date: April 1, 2018
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Notice of Intent to Terminate

Publication Date: November 22, 2017
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Dividend Information

Report on dividends paid
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Press Release

Official press release

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ACQUIRING INSTITUTION: ADVANTAGE NATIONAL BANK GROUP

About Advantage National Bank Group

All deposit accounts, including brokered deposits, were transferred to Advantage National Bank Group, Elk Grove Village, Il ("assuming institution"). Former Bank of Commerce locations reopened as branches of Advantage National Bank Group.

Your transferred deposits were separately insured from any accounts you may have already had at Advantage National Bank Group for at least six months after the failure of Bank of Commerce.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Advantage National Bank Group as long as the deposits are not pledged as collateral for loans.

Contacting Advantage National Bank Group

Legal name change:

Advantage National Bank Group has changed its legal name and is currently doing business as Schaumburg Bank & Trust Company, N.A.:

Schaumburg Bank & Trust
1180 E Higgins Rd
Schaumburg, IL 60173

Schaumburg Bank & Trust Company, N.A. (www.bankschaumburg.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Last Updated: April 13, 2018