Fis closed: All American Bank, Des Plaines, Illinois, USA
On Friday, 28 October, 2011, the Illinois Department of Financial and Professional Regulation – Division of Banking closed All American Bank, Des Plaines, Illinois. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with International Bank of Chicago, Chicago, Illinois, to assume all of the deposits of All American Bank.
The sole branch of All American Bank will reopen during normal business hours as a branch of International Bank of Chicago.
As of 30 June, 2011, All American Bank had approximately USD37.8 million in total assets and USD33.4 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD6.5 million.
All American Bank is the 85th FDIC-insured institution to fail in the USA this year and the ninth in Illinois.
Download PDF version of this page