- Harris National Association Assumes All of the Deposits of Amcore Bank
- May 3, 2010
- Law Firm: Alston & Bird LLP - Atlanta Office
Friday, the Office of the Comptroller of the Currency closed Amcore Bank, National Association, headquartered in Rockford, Illinois, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Harris National Association, headquartered in Chicago, Illinois, to assume all of the deposits of Amcore Bank.
As of December 31, 2009, Amcore Bank had approximately $3.8 billion in total assets and $3.4 billion in total deposits. Harris National Association paid the FDIC a premium of 0.01% to assume all of the deposits of Amcore Bank and agreed to purchase essentially all of the failed bank’s assets. The FDIC and Harris National Association entered into a loss-share transaction on $2.0 billion of Amcore Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $220.3 million. Amcore Bank is the 51st FDIC-insured institution to fail in the nation this year and the fourth in Illinois (and the first of seven Illinois banks closed on Friday).