First Failure of the New Year

In what is expected to be a more stable year in banking going forward, there are nonetheless some that are too risky to continue operating. Today, the twenty-seventh ranked bank on the list, DuPage National Bank of West Chicago, Illinois, was closed by regulators. Republic Bank (1633rd) of Chicago based in Oak Brook, Illinois has acquired the approximately $61.7 million in total assets and $59.6 million in total deposits of the former DuPage National Bank. Costs of the failure were minimal as the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million.