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Bailout

: Calculated Risk

Bank Failure #24 & #25: Illinois and Maryland

By Anonymous

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From ivory towers
Bankers sneer at citizens:
Our loss,... your burden.

February rain.
March green shoots did not flower
These banks push daisies.
by Soylent Green is People

From the FDIC: Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Bank of Illinois, Normal, Illinois

Bank of Illinois, Normal, Illinois, was closed today by the Illinois Department of Financial Professional Regulation ? Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, Bank of Illinois had approximately $211.7 million in total assets and $198.5 million in total deposits....
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $53.7 million. ... Bank of Illinois is the 24th FDIC-insured institution to fail in the nation this year, and the third in Illinois. The last FDIC-insured institution closed in the state was George Washington Savings Bank, Orland Park, on February 19, 2010.

From the FDIC: FDIC Creates a New Depository Institution to Assume the Operations of Waterfield Bank, Germantown, Maryland

Waterfield Bank, Germantown, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, Waterfield Bank had $155.6 million in assets and $156.4 million in deposits. At the time of closing, the amount of deposits exceeding the insurance limits totaled about $407,000. ...
The FDIC estimates that the cost to its Deposit Insurance Fund will be $51.0 million. Waterfield Bank is the 25th bank to fail in the nation this year and the first in Maryland. The last FDIC-insured institution to fail in the state was Bradford Bank, Baltimore, on August 28, 2009.

No one wanted Waterfield ...

Full post as published by Calculated Risk on March 05, 2010 (boomark / email).