On Friday, the OTS closed Platinum Community Bank, headquartered in Rolling Meadows, Illinois, and the FDIC was named as receiver. As receiver, the FDIC approved the payout of the insured deposits of Platinum Community Bank.

As of August 29, 2009, Platinum Community Bank had total assets of $345.6 million and total deposits of $305 million. The FDIC entered into an agreement with MB Financial to accept Platinum Community Bank's direct deposits from the federal government.

The FDIC estimates that the cost to the Deposit Insurance Fund will be approximately $114.3 million. Platinum Community Bank is the 88th bank to fail in the nation this year and the 15th in Illinois.