U.S. regulators closed Ravenswood Bank of Chicago, bringing the 2010 total of failed banks to 109.
The Illinois Department of Financial and Professional Regulation closed the bank, which had $269.5 million in total deposits, $211 million in loans and two branches. Northbrook Bank and Trust Co., based in Northbrook, Ill., and a unit of Wintrust Financial Corp., agreed to acquire $190 million of assets and $120 million of deposits, according to Wintrust and the FDIC.
The FDIC said the failure is expected to cost the agency’s deposit-insurance fund about $68.1 million.
It’s okay. Banks pay for that FDIC according to the Trib’s reporters. It really doesn’t cost a dime to the taxpayers.
Did Giannoulias and Resko cause this failure as well, or did they just ruin the one bank?
Thank You James Andrews… I’d about given up on people and their ignorance and lack of understanding of these economic issues. The garbage that people (and way too many politicans) are spewing is both disgusting and frightening… we need to wake up, we’ve been electing these folks for decades now. Until we start really paying attention and not believing the garbage being thrown to gain advantage we’ll go nowhere and continue to be the pawns and losers in this mess.
I am sure Mark Kirk is celebrating the death of another small bank. He has already commented on his hatred of small community banks and expressed joy at their failure.
Nice to see the Alexi Giannoulias fan club is alive and well.
Regarding the FDIC, while technically it is funded by assessments on the banks, it is backed by taxpayers. When the FSLIC went down after the S&L crisis, taxpayers picked up the tab. The FDIC is out of money and will be raising fees dramatically on member banks. Don’t think that we, the public, won’t feel the effects in the form of higher fees or tighter credit.
If there were justice, banks would fail when they are supposed to, you know,,, the ones too big to fail.
So there goes another smaller bank that will be sold to another larger bank at bargain basement prices. Next step is the Northbrook Bank being sold to a larger bank at bargain basement prices.
I just can’t decide which mega bank is destined by our fine regulators to be the one all encompassing monopoly.
ALSO can’t understand why government doesn’t take troubled banks that need to be closed and eliminate stockholder equity, replace management, get the bank profitable again and sell stock in it to the public so the public gets a better bank and gets its money back. Well, maybe we all really DO understand.
ahhh 2 bad – this was a heavily connected bank to blageovich. **** thorsen, burn in hell, i hope you lost everything!
haha – will ‘richard thorsen’ make it past the filter?