Regulators Close Seven Illinois Banks

Posted by Orb Staff on April 26, 2010 No Comments
Categories : Residential Mortgage

Seven Illinois banks, including four in Chicago, were closed by regulators Friday, according to the Federal Deposit Insurance Corp. (FDIC).

The largest failure belonged to Rockford-based Amcore Bank NA, which was closed by the Office of the Comptroller of the Currency. Its assets, valued at $3.8 billion at the end of last year, were acquired by Harris National Association in Chicago. Harris National and the FDIC entered into a loss-share transaction on $2 billion of the failed bank's assets.

Broadway Bank, Chicago, was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking. As of Dec. 31, 2009, Broadway Bank had approximately $1.2 billion in total assets. Chicago-based MB Financial Bank NA entered into a loss-share agreement on $878.4 million of the assets.

The Division of Banking also closed Lincoln Park Savings Bank, New Century Bank and Citizens Bank&Trust Co., all of Chicago.

Northbrook, Ill.-based Northbrook Bank and Trust Co. picked up Lincoln Park Savings' assets, which totaled $199.9 million at the end of December. The FDIC loss-share transaction covers $141.5 million of Lincoln Park Savings' assets.

Chicago-based MB Financial Bank NA has agreed to assume New Century Bank's assets, which were approximately $485.6 million at the end of last year. MB Financial Bank entered into a loss-share agreement on $429.1 million of the assets.

Republic Bank of Chicago, based in Oak Brook, Ill., agreed to assume all of Citizens Bank&Trust Co.'s deposits, and the FDIC is retaining most of the failed bank's assets for later disposition.

Peotone Bank and Trust Co., based in Peotone, also fell. First Midwest Bank, Itasca, Ill., purchased the failed bank's assets ($130.2 million at the end of last year), entering into a loss-share agreement on $57.5 million.

Rounding out the closings was Naperville-based Wheatland Bank. Wheaton Bank & Trust, based in Wheaton, Ill., has entered into a loss-share transaction on $300.2 million of Wheatland Bank's assets. Wheatland Bank had approximately $437.2 million in total assets at the end of December 2009.

SOURCE: Federal Deposit Insurance Corp.

Register here to receive our Latest Headlines email newsletter




Leave a Comment