Number Eighteen Fails

Eighteenth-ranked First United Bank of Crete, Illinois, was closed today by state regulators. The former bank was acquired by Old Plank Trail Community Bank, National Association of New Lenox, Illinois (518th). Old Plank Trail Community Bank, N.A. agreed to purchase essentially all of the failed bank's assets $328.4 million in total assets. In addition, it will pay a premium of 0.60 for the. The FDIC and Old Plank Trail Community Bank, N.A. also entered into a loss-share transaction on $172.7 million of First United Bank's assets. $316.9 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48.6 million.