Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators

Friday, June 5, 2009 17:09
Posted in category Bank Failures
1 Comment

Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The total number of bank failures now stands at 37 for the year.

Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Bank of Lincolnwood, Lincolnwood, Illinois . As of May 26, 2009, Bank of Lincolnwood had total assets of approximately $214 million and total deposits of $202 million. Republic Bank of Chicago agreed to purchase approximately $162 million in assets. The FDIC will retain the remaining assets for later disposition.  Bank of Lincolnwood’s two offices will reopen on Saturday as branches of Republic Bank of Chicago.

Related posts:

  1. FDIC Breaks February Record; 5 Banks Fail Over Weekend
  2. Bank Failures at 40 for the Year; FDIC Seizes 3 More
  3. Failure Fridays: Freedom Bank of Georgia Closed by Regulators
  4. Failure Fridays: Two More Banks Go Under
  5. Failure Fridays: Silver Falls Bank Seized

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One Response to “Bank No. 37 Closed; Bank of Lincolnwood Seized by Regulators”

  1. CashGiftsDirect says:

    June 5th, 2009 at 11:56 pm

    That number is quite high…That is a lot of banks being closed down. Republic Bank of Chicago ought to be able to pull something off.

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