The Illinois Department of Financial and Professional Regulation, Division of Banking, closed InBank, headquartered in Oak Forest, Illinois, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A., headquartered in Chicago, Illinois, to assume all the deposits of InBank except certain brokered deposits.

As of August 3, 2009, InBank had total assets of $212 million and total deposits of $199 million. MB Financial also agreed to purchase essentially all of the failed bank’s assets. MB Financial did not purchase certain brokered deposits. The FDIC will pay the brokers directly for the amount of their funds.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $66 million. InBank is the 86th bank to fail in the nation this year and the 14th in Illinois.