Top Bank Fails

The number one bank on the most recent list, National Republic Bank of Chicago of Chicago, Illinois, was closed today by state regulators. Much larger than other recent bank failures, the National Republic Bank of Chicago had approximately $954.4 million in total assets and $915.3 million in total deposits. State Bank of Texas (6488th) based in Dallas, has agreed to assume all of deposits as well as having agreed to purchase approximately $626.1 million of the failed bank's assets. The FDIC will retain the remaining assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $111.6 million.