Feds Shut Down Bank of Lincolnwood
June 6, 2009 by Stephen Kersey
Filed under Business
For the 37th time in 2009, the United States federal government has stepped in and shut down a bank. This latest bank closure occurred in the state of Illinois when the feds closed the Bank of Lincolnwood on Friday.
Within the last month, this is the third Illinois bank to be shut down. Compared to the other two, the Bank of Lincolnwood will cost the FDIC the least amount of money — an estimated $83 million. In total, the bank had assets of approximately $215 million and deposits of about $200 million.
The Bank of Lincolnwood branches will be changed over to become Republic Bank of Chicago branches. The FDIC decided on the Republic Bank of Chicago after they agreed to purchase about $160 million of the failed bank’s assets.
It’s estimated that the FDIC will have to shell out more than $65 billion through 2013 due to bank closures.
Yet another Bank Failure (Image: Flickr)
Check the list of all failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp