Friday, July 31, 2009

Bank Failure #69 in 2009: Mutual Bank, Harvey, Illinois

by Calculated Risk on 7/31/2009 08:16:00 PM

Mutual Failure
Our oversight, their ethics
We should demand more

by Soylent Green is People

From the FDIC:
Mutual Bank, Harvey, Illinois, was closed today by the Illinois Department of Financial Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 16, 2009, Mutual Bank had total assets of $1.6 billion and total deposits of approximately $1.6 billion.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $696 million. ... Mutual Bank is the 69th FDIC-insured institution to fail in the nation this year, and the thirteenth in Illinois. The last FDIC-insured institution to be closed in the state was First National Bank of Danville, Danville, on July 2, 2009.
That makes five today ...