Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, July 25, 2014
Another Top 40 Failure
Today, thirty-third ranked GreenChoice Bank, fsb of Chicago, Illinois, was closed today by the
Office of the Comptroller of the Currency. The three-branch bank had approximately $72.9
million in total assets and $71.0 million in total deposits. Providence Bank, LLC of South Holland, Illinois has agreed to assume all of the deposits of the failed bank and has agreed to purchase approximately $67.7 million of the failed
bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $14.2 million.
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