On Friday, the Office of the Comptroller of the Currency closed First Suburban National Bank, headquartered in Maywood, Illinois, and appointed the FDIC as receiver. As receiver the FDIC entered into a purchase and assumption agreement with Seaway Bank and Trust Company, headquartered in Chicago, Illinois, to assume all of the deposits of the failed bank.
As of June 30, 2010, First Suburban National Bank had approximately $148.7 million in total assets and $140.0 million in total deposits. Seaway Bank and Trust Company did not pay the FDIC a premium for the deposits of First Suburban National Bank, but did agree to purchase essentially all of the failed bank's assets. The FDIC and Seaway Bank and Trust Company entered into a loss-share transaction on $116.6 million of First Suburban National Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $31.4 million. First Suburban National Bank is the 137th FDIC-insured institution to fail in the nation this year, and the 16th in Illinois.