FDIC shuts down seven banks in Illinois!
NEW YORK - April 23, 2010 - On Friday, federal regulators shut down seven banks in Illinois, putting the number of U.S. bank failures this year at 57.
The Federal Deposit Insurance Corp. took over four banks in Chicago: New Century Bank, with $485.6 million in assets; Citizens Bank &Trust Company, with $77.3 million in assets; Broadway Bank, with $1.2 billion in assets; and Lincoln Park Savings Bank, with $199.9 million in assets.
The FDIC also took over Amcore Bank of Rockford, which had $3.8 billion in assets; Peotone Bank and Trust Company in Peotone, with $130.2 million in assets; and Wheatland Bank of Naperville, with $437.2 million in assets.
MB Financial Bank agreed to acquire the deposits of both Broadway Bank and New Century Bank. Republic Bank of Chicago agreed to assume Citizens' deposits, while Chicago-based Harris National Association agreed to acquire Amcore Bank's deposits.
Northbrook Bank and Trust Company of NorthBrook agreed to acquire the deposits of Lincoln Park Savings Bank. First Midwest Bank of Itasca agreed to assume Peotone Bank and Trust's deposits. Wheaton Bank & Trust will acquire the deposits of Wheatland Bank.
The failure of Broadway Bank is expected to cost the FDIC's deposit insurance fund $394.3 million. For the other banks, the estimated costs are: Amcore Bank, $220.3 million; New Century Bank, $125.3 million; Citizens Bank&Trust Company, $20.9 million; Lincoln Park Savings Bank, $48.4 million; Peotone Bank and Trust Company, $31.7 million; and Wheatland Bank, $133 million.
