Friday, August 13, 2010

Bank Failure #110: Palos Bank and Trust Company, Palos Heights, Illinois

by Bill McBride on 8/13/2010 08:10:00 PM

Palos Bank and Trust
Friday the thirteenth has come
Unlucky indeed!

by Soylent Green is People

From the FDIC: First Midwest Bank, Itasca, Illinois, Assumes All of the Deposits of Palos Bank and Trust Company, Palos Heights, Illinois
As of June 30, 2010, Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.0 million. Compared to other alternatives, First Midwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Palos Bank and Trust Company is the 110th FDIC-insured institution to fail in the nation this year, and the fourteenth in Illinois. The last FDIC-insured institution closed in the state was Ravenswood Bank, Chicago, on August 6, 2010.
It is Friday!