FIs closed: Bank of Illinois, Normal, Illinois , USA
On Friday, 5 March, 2010, Bank of Illinois, Normal, Illinois was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Bank of Illinois.
The two branches of Bank of Illinois reopened on Saturday as branches of Heartland Bank and Trust Company.
As of 31 December, 2009, Bank of Illinois had approximately USD211.7 million in total assets and USD198.5 million in total deposits.
Heartland Bank and Trust Company will pay the FDIC a premium of 3.61 percent to assume all of the deposits of Bank of Illinois.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD53.7 million.
Bank of Illinois is the 24th FDIC-insured institution to fail in the USA this year, and the third in Illinois.
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