EveryJoe » illinois banks

Seven Banks Shut Down by Regulators

Stephen Kersey — Fri, 03 Jul 2009 03:49:07 +0000

Heading into Thursday, a total of 45 banks had been shut down in 2009 by federal regulators. On Thursday, seven more banks failed — pushing the total on the year up to 52.

Six of the seven banks that failed were in the state of Illinois. The other bank was in Texas.

The failed bank in Texas was Millennium State Bank out of Dallas. The lone branch will be turned into a State Bank of Texas branch.

The five banks out of Illinois were John Warner Bank, First State Bank of Winchester, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, Founders Bank.

Combined, the FDIC estimates that these failed banks will cost slightly more than $314 million. On the year, the FDIC has had to pay out more than $12 billion due to bank failures.

In upcoming months, it is safe to expect at least a few failed banks each month from each corner of the country.

Banks are running out of money (Image: Flickr)

Post from: EveryJoe

Seven Banks Shut Down by Regulators

Feds Shut Down Bank of Lincolnwood

Stephen Kersey — Sat, 06 Jun 2009 06:53:14 +0000

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)

Post from: EveryJoe

Feds Shut Down Bank of Lincolnwood

Banks 35 and 26 Shut Down in 2009

Stephen Kersey — Sat, 23 May 2009 07:17:29 +0000

The pace at which banks are failing in the United States continues to be quite scary. On Friday, the 35th and 36th banks of 2009 were seized by federal regulators. Both of the banks were in the state of Illinois. Yesterday’s bank failure was BankUnited in Florida.

The good news is that these two banks were relatively small. The FDIC will be out approximately $275 million following the failure of Citizen National Bank and Strategic Capital Bank. To compare, BankUnited reportedly will cost the FDIC nearly $5 billion.

According to multiple reports, Citizens National Bank branches will become Morton Community Bank branches, while Strategic Capital Bank branches will become Midland States Bank branches.

The FDIC, which gives as much as $250,000 insurance on deposit accounts, recently said it expects the bank closures over the next five years to come at a cost of more than $64 billion.

How many banks will run out of money in 2009? (Image: Flickr)

Post from: EveryJoe

Banks 35 and 26 Shut Down in 2009