WASHINGTON —
Regulators shuttered a tiny bank in Illinois on Friday, bringing to 43 a series of U.S. bank failures this year.
The Federal Deposit Insurance Corp. pronounced it seized First United Bank, formed in Crete, Ill.
The bank had about $328.4 million in resources and $316.9 million in deposits as of Jun 30.
Old Plank Trail Community Bank NA, formed in New Lenox, Ill., concluded to assume all a deposits and squeeze radically all of a unsuccessful lender’s assets.
The FDIC and Old Plank Trail entered into a loss-share transaction on $172.7 million of First United’s assets.
The disaster of First United Bank, that had 5 branches, is approaching to cost a deposition word account $48.6 million.
First United is a seventh FDIC-insured establishment in Illinois to destroy this year.
U.S. bank closures are using during a slower gait than in 2011. By this time final year, 73 banks had failed.
Bank closures appearance in 2010 in a arise of a financial crisis, though have been disappearing ever since. In 2007, only 3 banks went under. That series jumped to 25 in 2008, after a meltdown, and ballooned to 140 in 2009.
In 2010 regulators seized 157 banks, a many in any year given a assets and loan predicament dual decades ago. The FDIC has pronounced 2010 expected was a high-water symbol for bank failures from a Great Recession.
From 2008 by 2011, bank failures cost a account an estimated $88 billion. The deposition word account fell into a red in 2009. But with failures slowing, a fund’s change incited certain in a second entertain of final year. By Dec. 31, it stood during $11.8 billion, according to a FDIC.
The FDIC expects failures from 2012 by 2016 to cost $12 billion.
Article source: http://seattletimes.com/html/businesstechnology/2019291696_apusbankclosures.html
