FIs Closed: First Chicago Bank and Trust, Chicago, Illinois, USA
On Friday, 8 July, 2011, First Chicago Bank & Trust, Chicago, Illinois was closed by the Illinois Department of Financial and Professional Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northbrook Bank & Trust Company, Northbrook, Illinois, to assume all of the deposits of First Chicago Bank & Trust.
The seven branches of First Chicago Bank & Trust will reopen during normal business hours as branches of Northbrook Bank & Trust Company. Depositors of First Chicago Bank & Trust will automatically become depositors of Northbrook Bank & Trust Company.
As of 31 March 31, 2011, First Chicago Bank & Trust had approximately USD959.3 million in total assets and USD887.5 million in total deposits.
Northbrook Bank & Trust Company will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Chicago Bank & Trust.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD284.3 million.
First Chicago Bank & Trust is the 49th FDIC-insured institution to fail in the USA this year and the fifth in Illinois.
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