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Bailout
: Calculated RiskBank Failure #110: Palos Bank and Trust Company, Palos Heights, Illinois
By Anonymous
Friday the thirteenth has come
Unlucky indeed!
by Soylent Green is People
From the FDIC: First Midwest Bank, Itasca, Illinois, Assumes All of the Deposits of Palos Bank and Trust Company, Palos Heights, Illinois
As of June 30, 2010, Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.0 million. Compared to other alternatives, First Midwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Palos Bank and Trust Company is the 110th FDIC-insured institution to fail in the nation this year, and the fourteenth in Illinois. The last FDIC-insured institution closed in the state was Ravenswood Bank, Chicago, on August 6, 2010.It is Friday!
Full post as published by Calculated Risk on August 13, 2010 (boomark / email).
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