Failure of bank in Illinois brings 2012 total to 40
WASHINGTON — Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized Waukegan Savings Bank, based in Waukegan, Ill.
The bank had about $88.9 million in assets and $77.5 million in deposits as of March 31.
First Midwest Bank, based in Itasca, Ill., agreed to assume all of Waukegan Savings’ deposits and purchase essentially all of the failed bank’s assets.
The failure of Waukegan Savings is expected to cost the deposit insurance fund $19.8 million.
The bank, which had two branches, is the sixth FDIC-insured institution in Illinois to fail this year.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.