Unlucky Number Thirteen Fails

Late yesterday evening thirteenth-ranked Covenant Bank, Chicago of Illinois, was closed by the Illinois regulators. The approximately $58.4 million in total assets bank was acquired by Liberty Bank and Trust Company (1215th) of New Orleans, Louisiana. in addition to the assets, Liberty assumed approximately $54.2 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.8 million.