Today, the Illinois Department of Financial and Professional Regulation, Division of Banking, closed Bank of Lincolnwood, headquartered in Lincolnwood, Illinois, and the FDIC was appointed receiver. The FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, headquartered in Oak Brook, Illinois, to assume all of the deposits of Bank of Lincolnwood.
The FDIC reported, that as of May 26, 2009, Bank of Lincolnwood had total assets of $214 million and total deposits of $202 million. Republic Bank of Chicago also agreed to purchase approximately $162 million in assets, with the FDIC retaining the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83 million. Bank of Lincolnwood is the thirty-seventh bank to fail in the nation this year and the sixth in Illinois.