Arcola Homestead Savings joins list of failed banks

Posted June 4, 2010 at 4:57 p.m.

By Becky Yerak |
Arcola Homestead Savings Bank, which had $17 million in assets and $18.1
million in deposits, was closed today by state and federal banking

The Federal Deposit Insurance Corp. was unable to find another financial
institution to take over the banking operations. Checks to the retail depositors for their insured funds will be mailed

Brokered deposits will be wired once brokers provide the FDIC with documentation to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

The FDIC estimates that the cost to the deposit insurance fund will be $3.2 million.

Arcola Homestead Savings Bank, about 170 miles south of Chicago, is the 80th FDIC-insured institution to fail in the nation this year, and the 12th in Illinois. The last FDIC-insured institution closed in the state was Midwest Bank & Trust Co., in Elmwood Park, on May 14.

To read a copy of the FDIC’s press release, click here.


One comment:

  1. Brittney Serio June 17, 2010 at 11:58 a.m.

    hehe o . k . so here’s exactly how dumb I am, halfway through reading your post I dropped my computer mouse and shut the firefox in error and I could not find your webpage again until 6 days later to finish reading through from the spot i had left off mainly because I didn’t remember how I linked to your site to begin with haha anyway it was worth the hold out..kudos :)