Closed Friday, October 24, 2014 · Chicago, Cook County, Illinois
The National Republic Bank of Chicago
The National Republic Bank of Chicago was the largest of the 18 bank failures in 2014. Its founding in 1897 put it past its 100th year when it closed. It reported a net loss in three of its final nine reporting years.
On the books, 2006 to 2014
Total assets peaked at $1.3 billion in the first quarter of 2012 and were 37% lower at the final report. Equity capital went from 11% of assets in the fourth quarter of 2006 to 0.6% at the last report. By then 56% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $44.8 million, was booked in 2013.* 2014: January to September only, the last report before closing.
Size against the other 2014 failures
Total assets of each 2014 failure, log scale; The National Republic Bank of Chicago in red.
Within Illinois it ranks 18th by size of the 185 failures recorded since 1934. Across the failures of 2014, the median estimated loss came to 13% of assets. The next-largest failure of that year was Valley Bank of Moline, Illinois ($456 million, loss 10% of assets). Every 2014 failure in the explorer.
Failures in Illinois
It was one of five banks in Illinois to fail in 2014. The previous failure there was GreenChoice Bank, fsb of Chicago, on July 25, 2014. The next was Highland Community Bank of Chicago, on January 23, 2015. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: Covenant Bank (2013), AztecAmerica Bank (2014), GreenChoice Bank, fsb (2014), Highland Community Bank (2015), Edgebrook Bank (2015).