Friday, May 8, 2015

Number Nineteen Fails

In only the fifth bank failure in as many months this year, Edgebrook Bank of Chicago, Illinois, was closed today by state regulators. The nineteenth-ranked bank was effectively acquired by Republic Bank of Chicago based in Oak Brook, Illinois. Edgebrook Bank had approximately $90.0 million in total deposits at the time of the failure. Republic Bank of Chicago agreed to purchase approximately $79.7 million of the failed bank's approximately $90.0 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.8 million.