Friday, August 20, 2010

Bank Failure #114: ShoreBank, Chicago, Illinois

by Calculated Risk on 8/20/2010 07:04:00 PM

From the FDIC: Urban Partnership Bank, Chicago, Illinois, Assumes All of the Deposits of ShoreBank, Chicago, Illinois

As of June 30, 2010, ShoreBank had approximately $2.16 billion in total assets and $1.54 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $367.7 million. ... ShoreBank is the 114th FDIC-insured institution to fail in the nation this year, and the fifteenth in Illinois. The last FDIC-insured institution closed in the state was Palos Bank and Trust Company, Palos Heights, on August 13, 2010.
This was no surprise (in the works for some time and rumored this morning). That makes four today ...