One Failure This Week

The 235th riskiest bank on our list, Waukegan Savings Bank of Waukegan, Illinois, was closed today by state regulators. The approximately $88.9 million in total assets and $77.5 million in total deposits of the former bank were acquired by First Midwest Bank (2616th) of Itasca, Illinois. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $19.8 million. While not as risky as the typical failure on our list, it should be noted that banks at this level still have an expected failure rate between 10 and 15% within the next year.