The Bank of Commerce of Wood Dale, Illinois, was closed by the state regulators on Friday. The regulators claimed that the number of failures of the bank have increased to 26 due to which the bank has been closed. The Bank of Commerce's office was set to reopen on Saturday as an Advantage National branch. The bank is a subsidiary of Wintrust Financial (WTFC).

The bank was also included in the Street's Bank Watch List of undercapitalized institution. After the Bank of Commerce was took over by the Illinois Department of Financial & Professional Regulation, the Federal Deposit Insurance Corp. was appointed receiver and it sold the Bank of Commerce’s $163.1 million in total assets and $161.4 million in total deposits to Advantage National Bank Group of Elk Grove Village, Illinois.

The CEO of Wintrust Financial, Edward Wehmer said that the acquisition of the Bank of Commerce with the Advantage National Bank is assisted by the government. The acquisition will provide a great opportunity expand the services in the community. This will improve its net income and earnings per share.