Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
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.