Bank Failure Friday

by Dual Income No Kids on June 5, 2009 · 0 comments

Hi All,

The FDIC sends around press releases announcing bank failures on Friday after the markets close and people go home from work. At first these press releases were always a bit shocking to receive, now they’re starting to commonplace, more like casualty list of the nations economic problems. Wealth takes a hit when banks are constantly closing. It requires time and money to sort out the finances involved with the failed bank. I sincerely hope the country is able to pull itself out of this recession sooner rather than later.

Best,

James
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Press Release

Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Bank of Lincolnwood, Lincolnwood, Illinois

FOR IMMEDIATE RELEASE
June 5, 2009
Media Contact:
LaJuan Williams-Dickerson
(202) 898-3876

Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Bank of Lincolnwood.

Bank of Lincolnwood’s two offices will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of Bank of Lincolnwood will automatically become depositors of Republic Bank of Chicago. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank of Chicago can fully integrate the deposit records of Bank of Lincolnwood.

Over the weekend, depositors of Bank of Lincolnwood can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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.

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The details are here.

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