Illinois Regulators Shut Lincolnwood BankAn Illinois bank, Bank of Lincolnwood, was the 37th bank to fail thus far in 2009 when it was closed last Friday by the Illinois Department of Financial and Professional Regulation, Division of Banking.
The regulators appointed the FDIC as receiver, and the failed bank's deposits were assumed by the Republic Bank of Chicago, Oak Brook, IL.
The Bank of Lincolnwood's two offices reopened on Saturday as branches of Republic Bank. The failed bank had assets of $214 million and deposits of $202 million. The Republic Bank will buy $162 million of the failed bank's assets. The cost to the FDIC's Deposit Insurance Fund will be $83 million. Bank of Lincolnwood is the sixth bank to fail in Illinois in 2009, and the 37th in the country. The last bank to close in Illinois was Citizens National Bank on May 22.
The FDIC recently increased the number of banks on its "troubled bank list" to more than 300.