FIs closed: Ravenswood Bank, Chicago, Illinois, USA
On Friday, 6 August, 2010, Ravenswood Bank, Chicago, 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 Northbrook Bank and Trust Company, Northbrook, Illinois, to assume all of the deposits of Ravenswood Bank.
The two branches of Ravenswood Bank reopened on Saturday as branches of Northbrook Bank and Trust Company.
As of30 June, 2010, Ravenswood Bank had approximately USD264.6 million in total assets and USD269.5 million in total deposits.
Northbrook Bank and Trust Company will pay the FDIC a premium of 0.90 percent on the non-brokered deposits of Ravenswood Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD68.1 million.
Ravenswood Bank is the 109th FDIC-insured institution to fail in the nation this year and the thirteenth in Illinois.
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