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Illinois’ All American Bank Taken Over by International Bank of Chicago

State and federal regulators shuttered ""All American Bank"":http://www.aabnk.com/ in Des Plaines, Illinois, over the weekend, bringing this year's ""failed-bank tally"":http://www.fdic.gov/bank/individual/failed/banklist.html to 85.

All American Bank operated just one branch location, with $33.4 million in deposits and assets totaling $37.8 million. The FDIC brokered a deal with ""International Bank of Chicago"":http://www.inbk.com to take over the failed lender's operations and purchase all of its assets.

The FDIC estimates that the Illinois bank's closing will cost its Deposit Insurance Fund $6.5 million. All American Bank is the ninth FDIC-insured institution in the state to go under this year.

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About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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