One Bank Fails on Friday, Aug. 13Closing Raises 2010 Tally to 124 Failed Institutions Federal and state banking regulators closed one bank on Friday, Aug. 13.
This failure raises the total number of failed institutions to 124 so far in 2010.
The latest failure is:
Palos Bank and Trust Company, Palos Heights, Ill.
Palos Bank and Trust Company, Palos Heights, Ill., was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Ill., to assume all of the deposits of Palos Bank and Trust Company.
The five branches of Palos Bank and Trust Company were to reopen on Saturday as branches of First Midwest Bank. Depositors of Palos Bank and Trust Company will automatically become depositors of First Midwest Bank.
Palos Bank and Trust Company had $493.4 million in total assets.
The cost to the FDIC Insurance Fund is estimated to be $72 million.