Click Cover to Read Digital Edition

AVAILABLE IN THE APP STORE
iPAD APP
iPHONE APP

UPCOMING EVENTS

 
EMERGE: The Forum on Consumer Financial Services Innovation
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
Digital Banking Summit
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
2014 RDC Summit
Sept. 30 - Oct. 2
Las Vegas
 
ATM, Debit & Prepaid Forum
October 19-22
JW Marriott Desert Ridge
Phoenix
 
Money2020
November 2-6
Aria
Las Vegas
More events >  

Share |

Print Friendly and PDF

Illinois: First Midwest Bank Assumes Deposits of Waukegan Savings Bank

 

Aug 6 - Waukegan Savings Bank, Waukegan, Ill., has been closed by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Ill., to assume all of the deposits of Waukegan Savings Bank.

As of March 31, 2012, Waukegan Savings Bank had approximately $88.9 million in total assets and $77.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the failed bank's assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-823-3215. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/waukegan.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $19.8 million. Compared to other alternatives, First Midwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Waukegan Savings Bank is the 40th FDIC-insured institution to fail in the nation this year, and the sixth in Illinois. The last FDIC-insured institution closed in the state was Second Federal Savings and Loan Association of Chicago on July 20, 2012.

 


Back