Posts tagged 'Illinois banks'
The Federal Deposit Insurance Corp. took over four more banks on Friday, bringing the total number of failures so far this year to 72.
Included in Friday's closings was the Midwest Bank and Trust Co. of Elmwood Park, Ill., which had been owned by Midwest Banc Holdings, Inc. of Melrose Park, Ill. Midwest Banc Holdings got $84.8 million from the Troubled Assets Relief Program in December 2008, which it had not repaid, according to the latest Treasury Department report on TARP transactions.
But the Treasury Department report also shows that in March it increased its investment in Midwest ...
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 ...