Jan 20 - DuPage National Bank, West Chicago, Ill., has been closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Ill., to assume all of the deposits of DuPage National Bank.
As of Sept. 30, 2013, DuPage National Bank had approximately $61.7 million in total assets and $59.6 million in total deposits. Republic Bank of Chicago will pay the FDIC a premium of 1.20 percent to assume all of the deposits of DuPage National Bank. In addition to assuming all of the deposits of the DuPage National Bank, Republic Bank of Chicago agreed to purchase essentially all of the failed bank's assets.
Customers with questions about the transaction should call the FDIC toll-free at 800-405-8124. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/dupage.html.
The FDIC estimates that the cost to the Deposit Insurance Fund 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. The last FDIC-insured institution closed in the state was Covenant Bank, Chicago, on Feb. 15, 2013.