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Friday, January 17, 2014

Bank Failure #1 in 2014: DuPage National Bank, West Chicago, Illinois

by Calculated Risk on 1/17/2014 07:25:00 PM

From the FDIC: Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of DuPage National Bank, West Chicago, Illinois

As of September 30, 2013, DuPage National Bank had approximately $61.7 million in total assets and $59.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million. Compared to other alternatives, Republic Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. DuPage National Bank is the 1st FDIC-insured institution to fail in the nation this year.
It will probably be a slow year for the FDIC, but there still quite a few "problem" banks that could fail.