Seventh-ranked Premier Bank of
Wilmette, Illinois, was closed today by the Illinois Department of
Financial and Professional Regulation – Division of Banking. International Bank of Chicago (5528th) of Chicago,
Illinois, agreed to assume the approximately $199.0 million in total deposits. In addition,
International Bank of Chicago agreed to purchase essentially all of the $268.7
million in total assets of the former bank. This was the second distressed bank acquisition by International Bank of Chicago. The other was All American Bank of Des Plaines, Illinois in October of last year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $64.1 million.
52nd ranked (34th on our November listing last year), Covenant Bank & Trust, Rock Spring, Georgia, was closed today by the Georgia Department of Banking and Finance. The roughly $95.7 million bank in total assets and $90.6 million in total deposits was acquired by Stearns Bank, National Association (6316th) of St. Cloud, Minnesota. Stearns Bank has been a frequent acquirer of distressed banks. This is the seventh such purchase of a bank and the third in Georgia. As part of the deal, the FDIC and Stearns Bank entered into a loss-share transaction on $71.6 million of Covenant Bank & Trust's assets. The FDIC estimates that the cost to the DIF will be $31.5 million.
