FDIC Friday - August 3, 2012
Posted: Fri Aug 03, 2012 7:45 pmFirst Midwest Bank, Itasca, Illinois, Assumes All of the Deposits of Waukegan Savings Bank, Waukegan, Illinois
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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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, Chicago, on July 20, 2012.
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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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, Chicago, on July 20, 2012.