Bank of Lincolnwood Fails, Republic Bank of Chicago Assumes All Deposits
The Illinois Department of Financial and Professional Regulation (DFPR), Division of Banking has closed Illinois-based Bank of Lincolnwood (BL).
To protect the depositors, the Federal Deposit Insurance Corporation (FDIC), which was appointed by DFPR as receiver, has entered into a purchase and assumption agreement with Oak Brook-based Republic Bank of Chicago (RBC), to assume all of the deposits of BL.
As of May 26, 2009, BL had total assets of approximately $214 million and total deposits of $202 million. RBC agreed to purchase about $162 million in assets, while FDIC will hold the remaining assets for later disposition. RBC's purchase of deposits was the least costly resolution for the DIF, as compared to other options. With this, the Bank of Lincolnwood becomes the 37th FDIC-insured institution to fail in the US and the sixth in Illinois so far, in 2009.
Depositors of BL will automatically become depositors of RBC, and deposits will continue to be insured by the FDIC. Customers of both the banks can continue to use their existing branches until RBC fully integrates the deposit records of BL.
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