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Thursday, July 02, 2009

Bank Failure #52, 7th Today, Founders Bank, Worth, Illinois

by Calculated Risk on 7/02/2009 06:48:00 PM

Six was not enough
Founders gambled deposits
Then rolled a seven.

by Soylent Green is People

From the FDIC: The PrivateBank and Trust Company, Chicago, Illinois, Assumes All of the Deposits of Founders Bank, Worth, Illinois
As of April 30, 2009, Founders Bank had total assets of $962.5 million and total deposits of approximately $848.9 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $188.5 million. The PrivateBank and Trust Company's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Founders Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution to be closed in the state was The First National Bank of Danville, earlier today.
That makes SEVEN today and SIX in Illinois!