FIs closed: First Choice Bank, Geneva, Illinois, USA
On Friday, August 19, 2011, First Choice Bank, Geneva, Illinois, USA 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 Inland Bank & Trust, Oak Brook, Illinois, to assume all of the deposits of First Choice Bank.
The sole branch of First Choice Bank will reopen on Saturday as a branch of Inland Bank & Trust. Depositors of First Choice Bank will automatically become depositors of Inland Bank & Trust.
As of 30 June, 2011, First Choice Bank had approximately USD141.0 million in total assets and USD137.2 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD31.0 million.
First Choice Bank is the 68th FDIC-insured institution to fail in the nation this year and the seventh in Illinois.
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