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.