The state of Illinois saw seven of its locally-based banks closed down by regulators over the weekend. So far this year, 57 institutions have landed on the ""FDIC's failed bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html. Ten of those are from Illinois.
[IMAGE]This latest round of Midwest closures is expected to cost the FDIC a combined $973.9 million. The federal agency also agreed to share in future loan losses with the acquiring institutions in six of the seven transactions.
""Wheatland Bank"":http://www.wheatlandbankil.com in Naperville, Illinois, was seized by the Illinois Department of Financial and Professional Regulation. The FDIC secured ""Wheaton Bank & Trust"":http://www.wheatonbank.com of Wheaton, Illinois, as the buyer of the failed institution. Wheaton Bank will take over the sole branch operated by the collapsed bank, $438.5 million in deposits, and $437.2 million in total assets.
[COLUMN_BREAK]""Peotone Bank and Trust Company"":http://www.peotonebank.com in Peotone, Illinois, ran two branches and had approximately $127 million in deposits and $130.2 million in assets at the time of its closure. It was acquired by ""First Midwest Bank"":http://www.firstmidwest.com/peotone in Itasca, Illinois through an arrangement with the FDIC.
""Lincoln Park Savings Bank"":http://www.lpsb.com in Chicago was also shuttered by state regulators. It had four branch offices, $171.5 million in total deposits, and $199.9 million in assets. ""Northbrook Bank and Trust Company"":http://www.northbrookbank.com of Northbrook, Illinois, agreed to absorb the failed bank's operations.
Chicago's ""MB Financial Bank"":http://www.mbfinancial.com picked up two of this weekend's seized institutions â€" New Century Bank and Broadway Bank, both also in Chicago.
""New Century Bank"":http://www.newcenturybk.com operated three branch locations. It had $492 million in deposits and $485.6 million in total assets.
""Broadway Bank"":http://www.broadwaybankchicago.com had four branch locations, $1.1 billion in deposits, and $1.2 billion in assets.
""Citizens Bank&Trust Company of Chicago"":http://www.citizensbankofchicago.com was absorbed by ""Republic Bank of Chicago"":http://www.republicebank.com/welcome.htm, which is headquartered in Oak Brook, Illinois. Citizens Bank&Trust had just a single branch office, deposits of $74.5 million, and $77.3 million in assets.
""Amcore Bank, N.A."":https://www.amcore.com/index.aspx in Rockford, Illinois, was the largest institution to be shuttered. It operated out of 58 branches, and had $3.4 billion in deposits and $3.8 billion in assets. Chicago's ""Harris National Bank"":http://www.harrisbank.com/welcome stepped in to take over the failed bank.