7 IL Banks Closed

Latest Tally: 63 Failed Institutions in 2010

Amcore Bank, a $3.8 billion bank based in Rockford, IL., was the largest of the failed institutions, followed by Chicago's $1.2 billion Broadway Bank.

These latest closings raise to 63 the number of failed banks and credit unions so far in 2010.

Here are the latest failures:

Broadway Bank and New Century Bank

MB Financial Bank bought the assets and deposits of two Chicago-based banks: Broadway Bank and New Century Bank http. Both banks were closed by the Illinois Department of Financial and Professional Regulation Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The four branches of Broadway Bank were to reopen on Saturday as branches of MB Financial Bank, National Association. Broadway Bank had approximately $1.2 billion in total assets and $1.1 billion in total deposits. The FDIC and MB Financial Bank, National Association entered into a loss-share transaction on $878.4 million of Broadway Bank's assets.

The three branches of New Century Bank were to reopen on Saturday as branches of MB Financial Bank, National Association. New Century Bank had approximately $485.6 million in total assets and $492.0 million in total deposits. The FDIC and MB Financial Bank, National Association entered into a loss-share transaction on $429.1 million of New Century Bank's assets.

The estimated cost to the Deposit Insurance Fund (DIF) for Broadway Bank will be $394.3 million; for New Century the cost will be $125.3 million.

Amcore Bank

Amcore Bank, National Association, Rockford, Illinois, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Harris National Association, Chicago, Illinois, to assume all of the deposits of Amcore Bank, National Association.

The 58 branches of Amcore Bank, National Association were to reopen on Saturday as branches of Harris National Association. Amcore Bank, N. A. had approximately $3.8 billion in total assets and $3.4 billion in total deposits. The FDIC and Harris National Association entered into a loss-share transaction on $2.0 billion of the failed bank's assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $220.3 million.

Citizens Bank&Trust Company of Chicago

Citizens Bank&Trust Company of Chicago, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Citizens Bank&Trust Company of Chicago.

The sole branch of Citizens Bank&Trust Company of Chicago will reopen on Saturday as a branch of Republic Bank of Chicago.

Citizens Bank&Trust Company of Chicago had approximately $77.3 million in total assets and $74.5 million in total deposits. The estimated cost to the Deposit Insurance Fund (DIF) will be $20.9 million.

Lincoln Park Savings Bank

Lincoln Park Savings Bank, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Northbrook Bank and Trust Company, Northbrook, Illinois, to assume all of the deposits of Lincoln Park Savings Bank.

The four branches of Lincoln Park Savings Bank were to reopen on Saturday as branches of Northbrook Bank and Trust Company. Lincoln Park Savings Bank had approximately $199.9 million in total assets and $171.5 million in total deposits.

The FDIC and Northbrook Bank and Trust Company entered into a loss-share transaction on $141.5 million of Lincoln Park Savings Bank's assets. The estimated cost to the Deposit Insurance Fund (DIF) will be $48.4 million.

Peotone Bank and Trust Company

Peotone Bank and Trust Company, Peotone, Illinois, was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of Peotone Bank and Trust Company.

The two branches of Peotone Bank and Trust Company will reopen on Saturday as branches of First Midwest Bank. Peotone Bank and Trust Company had approximately $130.2 million in total assets and $127.0 million in total deposits. The FDIC and First Midwest Bank entered into a loss-share transaction on $57.5 million of Peotone Bank and Trust Company's assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $31.7 million.

Wheatland Bank

Wheatland Bank, Naperville, Illinois, was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Wheaton Bank & Trust, Wheaton, Illinois, to assume all of the deposits of Wheatland Bank.

The sole branch of Wheatland Bank will reopen on Saturday as a branch of Wheaton Bank & Trust. As of December 31, 2009, Wheatland Bank had approximately $437.2 million in total assets and $438.5 million in total deposits. The FDIC and Wheaton Bank & Trust entered into a loss-share transaction on $300.2 million of Wheatland Bank's assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $133.0 million.