FIs Closed: Bank of Shorewood / Bank of Elwood, Shorewood, Illinois, USA
On Friday, August 5, 2011, Bank of Shorewood, Shorewood, Illinois , including the location operating as Bank of Elwood, 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 Shorewood.
The three branches of Bank of Shorewood, including the location operating as Bank of Elwood, have reopened as branches of Heartland Bank and Trust Company. Depositors of Bank of Shorewood will automatically become depositors of Heartland Bank and Trust Company.
As of June 30, 2011, Bank of Shorewood had approximately $110.7 million in total assets and $104.0 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.6 million.
Bank of Shorewood is the 62nd FDIC-insured institution to fail in the USA this year, and the sixth in Illinois.
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