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Bank Failure #52, 7th Today, Founders Bank, Worth, Illinois

By Anonymous

Six was not enough
Founders gambled deposits
Then rolled a seven.
by Soylent Green is People

From the FDIC: The PrivateBank and Trust Company, Chicago, Illinois, Assumes All of the Deposits of Founders Bank, Worth, Illinois

As of April 30, 2009, Founders Bank had total assets of $962.5 million and total deposits of approximately $848.9 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $188.5 million. The PrivateBank and Trust Company's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Founders Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution to be closed in the state was The First National Bank of Danville, earlier today.

That makes SEVEN today and SIX in Illinois!

Full post as published by Calculated Risk on July 02, 2009 (boomark / email).