FIs closed: George Washington Savings Bank, Orland Park, Illinois, USA
On Friday, 19 February, 2010, George Washington Savings Bank, Orland Park, 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 FirstMerit Bank, National Association, Akron, Ohio, to assume all of the deposits of George Washington Savings Bank.
The four branches of George Washington Savings Bank reopened on Saturday as branches of FirstMerit Bank, N.A.
As of December 31, 2009, George Washington Savings Bank had approximately USD412.8 million in total assets and USD397.0 million in total deposits.
FirstMerit Bank, N.A. will pay the FDIC a premium of 0.31 percent to assume all of the deposits of George Washington Savings Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $141.4 million.
George Washington Savings Bank is the 19th FDIC-insured institution to fail in the USD this year, and the second in Illinois.
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