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Keyword: williambeavers
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Bank whose investors include ex-Ald. Beavers closed by regulators [Chicago]
State and federal regulators Friday closed New City Bank, a small single-branch operation with a big political backer, Cook County Commissioner William Beavers (D-Chicago). Beavers, who was indicted on federal tax charges last month, was an investor and vice chairman of the bank at 900 S. Michigan. Beavers, a former city alderman, did not respond to a request for comment Friday evening. The Federal Deposit Insurance Corp. said it approved payouts of insured deposits at the bank of up to a maximum of $250,000 per account. The FDIC said it could not find a buyer to assume New City operations,...
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