Posted on 06/05/2009 6:09:22 PM PDT by rabscuttle385
Bank of Lincolnwood becomes the 37th bank to be closed by regulators this year.
BY BEN ROONEY
NEW YORK (CNNMoney.com) -- Bank of Lincolnwood was shuttered by Illinois regulators Friday, bringing the number of failed banks this year to 37 and costing the Federal Federal Deposit Insurance Corp.'s deposit insurance fund $83 million.
The two offices of Lincolnwood, Ill.-based bank will reopen Saturday as branches of Republic Bank of Chicago. Bank of Lincolnwood customers will retain their deposit insurance coverage, the FDIC said.
As of late last month, Bank of Lincolnwood had total assets of about $214 million and total deposits of $202 million. Republic Bank agreed to purchase about $162 million in assets, leaving $52 million for the FDIC to sell.
(Excerpt) Read more at money.cnn.com ...
FDIC: Failed Bank Information for Bank of Lincolnwood, Lincolnwood, Ill.
how much money left in fdic
Doesn’t matter. The printing press is implied I think.
They had two offices. I hope the acquiring bank took on all ten of their employees.
For those of you not familiar with Chicago, Lincolnwood is a northern suburb of Chicago where Stuart Levine, Tony Rezko’s friend, used to have all-male drug parties.
A check indicates that the area is just clotted with failed mortgages. I wonder why?
If it’s Friday it must be bank failure day.
$13 billion
It is amazing how banks only fail on Fridays.
It's the old Clinton strategy: All bad news happens on Friday, and the later the better.
Thanks for the ping.
Are they down to IOU’s yet?
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