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Seven Illinois banks fail Friday

Posted: April 24, 2010 | Tags: banks, BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp., Illinois banks, TARP

Seven more Illinois banks were closed on Friday and taken over by the Federal Deposit Insurance Corp.

Since the beginning of last year, 31 of the 197 banks that have been closed across the country have been in Illinois. Only Georgia, with 32 failures in the past 16 months, has seen more bank closings in that period.

Friday's closings bring this year's total to 57, including 10 in Illinois.

The takeovers on Friday cost the FDIC an estimated $974 million. The biggest bank to fail was Amcore Bank National Association of Rockford, which had $3.8 billion in assets on Dec. 31. The most expensive failure Friday is expected to be the Broadway Bank of Chicago, which the FDIC says will cost the insurance fund $394.3 million.

Four of the seven were sold to companies that still have money from TARP, including Broadway, which was acquired by MB Financial Association of Chicago. According to Treasury Department records, MB Financial still has $196 million in outstanding TARP funds.

Details on all of this year's bank failures.




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