Friday, July 20, 2012

Bank Failure #38: Second Federal Savings and Loan Association of Chicago, Chicago, Illinois

by Calculated Risk on 7/20/2012 08:53:00 PM

Second Federal
Pillaged the Chicago way
Illinois inept
by Soylent Green is People

From the FDIC: Hinsdale Bank & Trust Company, Hinsdale, Illinois, Assumes All of the Deposits of Second Federal Savings and Loan Association of Chicago, Chicago, Illinois
As of March 31, 2012, Second Federal Savings and Loan Association of Chicago had approximately $199.1 million in total assets and $175.9 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $76.9 million. ... Second Federal Savings and Loan Association of Chicago is the 38th FDIC-insured institution to fail in the nation this year, and the fifth in Chicago.
Pretty large loss for the DIF. That makes five today ...