FIs closed: Western Springs, National Bank and Trust, Western Springs, Illinois, USA
On Friday, 8 April, 2011, Western Springs National Bank and Trust, Western Springs, Illinois was closed by the Office of the Comptroller of the Currency, 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 Western Springs National Bank and Trust.
The two branches of Western Springs National Bank and Trust reopened during normal business hours beginning Saturday 9 April as branches of Heartland Bank and Trust Company.
As of December 31, 2010, Western Springs National Bank and Trust had approximately USD186.8 million in total assets and USD181.9 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD31.0 million. Western Springs National Bank and Trust is the 27th FDIC-insured institution to fail in the USA this year and the fourth in Illinois.
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