FDIC Friday - Oct 28, 2011
Posted: Fri Oct 28, 2011 6:25 pmInternational Bank of Chicago, Chicago, Illinois, Assumes All of the Deposits of All American Bank, Des Plaines, Illinois
As of June 30, 2011, All American Bank had approximately $37.8 million in total assets and $33.4 million in total deposits. In addition to assuming all of the deposits, International Bank of Chicago 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 $6.5 million. Compared to other alternatives, International Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. All American Bank is the 85th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois. The last FDIC-insured institution closed in the state was Country Bank, Aledo, on October 14, 2011.
As of June 30, 2011, All American Bank had approximately $37.8 million in total assets and $33.4 million in total deposits. In addition to assuming all of the deposits, International Bank of Chicago 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 $6.5 million. Compared to other alternatives, International Bank of Chicago's acquisition was the least costly resolution for the FDIC's DIF. All American Bank is the 85th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois. The last FDIC-insured institution closed in the state was Country Bank, Aledo, on October 14, 2011.