Friday, May 08, 2015

Bank Failure Friday Returns: 5th Failure in 2015

by Bill McBride on 5/08/2015 06:35:00 PM

From the FDIC: Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Edgebrook Bank, Chicago, Illinois

As of March 31, 2015, Edgebrook Bank had approximately $90.0 million in total assets and $90.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.8 million. Compared to other alternatives, ... Edgebrook Bank is the fifth FDIC-insured institution in the nation to fail this year, and the second in Illinois. The last FDIC-insured institution closed in the state was Highland Community Bank, Chicago, on January 23, 2015.
This is the first bank closing since February, and it looks like failures might be in single digits this year (lowest since 2007 when 3 banks failed).  Last year 18 banks were closed by regulators.