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Illinois Bank Fails; Total Reaches 110
WASHINGTON (AP) Regulators on Friday shut down a bank in Illinois, bringing to 110 the number of bank failures this year.
The Federal Deposit Insurance Corporation took over the Palos Bank and Trust Company, based in Palos Heights, Ill., with $493.4 million in assets and $467.8 million in deposits. First Midwest Bank, based in Itasca, Ill., agreed to assume the assets and deposits of the failed bank.
In addition, the F.D.I.C. and First Midwest Bank agreed to share losses on $343.8 million of Palos Bank’s loans and other assets. The failure of Palos Bank is expected to cost the deposit insurance fund $72 million.
It was the second straight week marked by the failure of an Illinois bank. Last week the F.D.I.C. seized the Ravenswood Bank, a small bank in Chicago. The closure of Palos Bank brought to 14 the number of bank failures this year in Illinois.
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