Failed Banks: FDIC Announces the Closure of 7 More Banks

On 23 April 2010, the Federal Deposit Insurance Corporation announced the failure of seven (7) more banks.

Amcore Bank #51
Harris National Association, Chicago, Illinois, has assumed all of the Deposits of Amcore Bank, National Association, Rockford, Illinois.

As of 31 December 2009, Amcore Bank, National Association had approximately $3.4 billion in total deposits and $3.8 billion in total assets. Harris National Association has also agreed to purchase essentially all of the assets.

Amcore Bank, National Association is the 51st FDIC-insured institution to fail in the nation this year, and the fourth in Illinois. The last FDIC-insured institution closed in the state was Bank of Illinois, Normal, on 03 March 2010.

Broadway Bank #52
MB Financial Bank, National Association, Chicago, Illinois, has assumed all of the Deposits of Broadway Bank, Chicago, Illinois.

As of 31 December 2009, Broadway Bank had approximately $1.1 billion in total deposits and $1.2 billion in total assets. MB Financial Bank, National Association has also agreed to purchase essentially all of the assets.

Broadway Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the fifth in Illinois.

Citizens Trust Bank & Trust Company of Chicago #53
Republic Bank of Chicago, Oak Brook, Illinois, has assumed all of The Deposits Of Citizens Bank&Trust Company Of Chicago, Chicago, Illinois.

As of 31 December 2009, Citizens Bank & Trust Company of Chicago had approximately $74.5 million in total deposits and $77.3 million in total assets. The FDIC as receiver has retained most of the assets from Citizens Bank & Trust Company of Chicago and will dispose of them at a later stage.

Citizens Bank & Trust Company of Chicago is the 53rd FDIC-insured institution to fail in the nation this year, and the sixth in Illinois.

New Century Bank #54
The MB Financial Bank, National Association, Chicago, Illinois, has assumed all of the deposits of New Century Bank and has agreed to purchase essentially all the assets.

As of the end of 31 December 2009, New Century Bank had approximately $492.0 million in total deposits and $485.6 million in total assets.

New Century Bank is the 54th FDIC-insured institution to fail in the nation this year, and the seventh in Illinois.

Lincoln Park Savings Bank #55
Northbrook Bank and Trust Company, Northbrook, Illinois, has assumed all of the deposits of Lincoln Park Savings Bank, Chicago, Illinois.

As of 31 December 2009, Lincoln Park Savings Bank had approximately $171.5 million in total deposits and $199.9 million in total assets. Northbrook Bank and Trust Company has agreed to purchase essentially all of the assets.

Lincoln Park Savings Bank is the 55th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois.

Peotone Bank and Trust Company #56
First Midwest Bank, Itasca, Illinois, has assumed all of the deposits of Peotone Bank and Trust Company, Peotone, Illinois.

As of 31 December 2009, Peotone Bank and Trust Company had approximately $127.0 million in total deposits and $130.2 million in total assets. First Midwest Bank has also agreed to purchase essentially all of the assets.

Peotone Bank and Trust Company is the 56th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois.

Wheatland Bank #57
Wheaton Bank & Trust, Wheaton, Illinois, has assumed all of the deposits of Wheatland Bank, Naperville, Illinois.

As of 31 December 2009, Wheatland Bank had approximately $438.5 million in total deposits and $437.2 million in total assets. Wheaton Bank & Trust has also agreed to purchase essentially all of the assets.
Wheatland Bank is the 57th FDIC-insured institution to fail in the nation this year, and the tenth in Illinois.

Bill Bartmann, a world-renowned expert in the debt collection industry has predicted that the number of bansk that have failed to date is just the tip of the iceberg.

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