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.