First Dupage Bank, Westmont, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of First Dupage Bank.
The sole branch of First Dupage Bank will reopen on Saturday as a branch of First Midwest Bank.
As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. First Midwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Dupage Bank. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets.
The FDIC and First Midwest Bank entered into a loss-share transaction on approximately $247 million of First Dupage Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million.
First Dupage Bank is the 106th FDIC-insured institution to fail in the Nation this year, and the seventeenth in Illinois.
The last FDIC-insured institution closed in the state was Corus Bank, Chicago, on September 11, 2009.
Check all the banks failed in Illinois at : Illinois Bank Failures
The FDIC press release is available here.
Tags: 106th Bank Failures, 2009 Failed Banks, bank failures, Failed Bank 106, Failed Banks, Failed Banks 2009, Failed Banks in Illinois, Failed Banks October, Failed Banks October 23, FDIC, First Dupage Bank, First Midwest Bank, Friday Failures, Illinois Bank Failures
