As of May 26, 2009, Bank of Lincolnwood had total assets of approximately $214 million and total deposits of $202 million. Republic Bank of Chicago agreed to purchase approximately $162 million in assets. The FDIC will retain the remaining assets for later disposition.Does anyone even care about this data anymore? There obviously isnt one bank in the US which, on a long enough timeline, won't fail. Sphere: Related Content Print this post
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83 million. Republic Bank of Chicago's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Bank of Lincolnwood is the 37th FDIC-insured institution to fail in the nation this year and the sixth in Illinois. The last bank to fail in the state was Citizens National Bank, Macomb, on May 22, 2009.
Friday, June 5, 2009
Posted by Tyler Durden at 6:19 PM
Bank failure # 37 for the year was Bank of Lincolnwood, Lincolnwood, Illinois. Republic Bank of Chicago, Oak Brook, Illinois will assume all the deposits.
Labels: FDIC Friday Failures