Friday, March 09, 2012

Bank Failure #13 in 2012: New City Bank, Chicago, Illinois

by Bill McBride on 3/09/2012 06:24:00 PM

“They built this City…
... Playing corporation games
Write us off the page”

Excerpted by Soylent Green is People from M.Page, B. Taupin, D. Lambert, and P.Wolf.

From the FDIC: FDIC Approves the Payout of the Insured Deposits of New City Bank, Chicago, Illinois
As of December 31, 2011, New City Bank had $71.2 million in total assets and $72.4 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million. New City Bank is the thirteenth FDIC-insured institution to fail in the nation this year, and the second in Illinois.
No one wanted this one!