The first bank failure in Illinois in 2011 came Friday when Community First Bank-Chicago was closed by state banking regulators, the Federal Deposit Insurance Corp. said.
Community First Bank has only one branch, at the intersection of Western Avenue and Howard Street. The FDIC said the branch would reopen Saturday as part of Northbrook Bank and Trust Co.
As of Dec. 31, Community First Bank-Chicago had approximately $51.1 million in total assets and $49.5 million in total deposits, the FDIC said. The regulator estimates that the cost of the failure its insurance fund will be $11.7 million.
asachdev@tribune.com
another one bites the dust!
bridgeview bank group down the road?
Interesting. The SouthShore Bank owed far more than this because of bad international debts however instead of seizing it they got Federal Bailout Money and became Urban Community Bank. All arranged through Goldman Sachs. Why did THEY get saved? Simple, Barack Obama was on their board of Directors and their backers include the massive left-wing Joyce Foundation. One of the biggest contributors to anti-Second Amendment causes in the country. Valerie Jarrett, (remember her?) is on the board of the Joyce Foundation. Plus Urban Community Bank is still slated to hold the proceeds from the interest on the mega climate scam “Carbon Credit Exchange” based in Chicago and has Al Gore and the Internationalist Communist Maurice Strong as major controlling partners. The interest alone is looked to be 40 BILLION a year in international “Carbon Credit” shakedowns and extortion.
Those transactions are to be administered by Goldman Sachs also and the skim goes to the Urban Community Bank. By the way, two of the shareholders of this lucky bank are none other than Bill and Hillary Clinton. There’s much more that helped save this particular bank, like their association with Bill Ayers and his equally radical Marxist brother. But, it doesn’t matter. Community First obviously didn’t attach themselves to the hard core left. So they can rot.
Hope and change. This is the “hope and change” people voted for. The biggest rape of a world’s economy and the most blatant power grab of all time.
Excellent comment, Jim. It is selective enforcement of the banking laws at the highest levels of government. Where is the DOJ? Oh, I forgot, the DOJ is run by Eric Holder who refuses to prosecute anyone with a left wing bent like the Black Panther Party even when they physically threaten and intimidate voters and it is captured on video. This has been a rough ride since 1/20/09. The vestiges of the Obama era will remain long after he is voted out in 2012. We can only hope that his mishandling of the Egyptian crisis does not lead to the third world war.
Jim: Blah, blah, blah, blah….conspiracy…blah, blah, blah…and on and on from the right wing peanut gallery.
You, W, Cheney and the rest of the repuke thugs need to go take a long look in the memory mirror. And heal thy self.
Poor george
I just did googled south shore and it seems there is truth to Jim’s comment. I would like to understand more of the details of the Shorebank bailout and why they were saved. I know of other smaller banks that not only were closed but their executives are being sued.
I meant “I just googled”
Jim is spot on. South Shore’s rescue was purely political. Since the credit crisis of 2008 “the too big to fail” banks have gotten an even bigger share of the banking assets. This is setting the stage for a much larger federal government rescue in the very near future. Don’t be hoodwinked…nothing was solved, just papered over.
Good people, let’s try to stay on topic. This is about Community First Bank, not South Shore.
Nowhere in the article does it say Community First Bank owed anything. It only mentions two numbers: $51.1M in total assets and $49M in total deposits. The only inference you can make is they had about $2.1M in non-deposit assets (maybe the Feds counted the lone branch’s real estate?). Notably there is NO mention of “amount owed.”
Jim: You cite “amount owed” and then bring up South Shore as having owed much more. Both off-topic and not referenced at all in the original article. While South Shore Bank’s issue may be compelling and worth discussion, is this the place? I would say “no” because it hijacks the debate about Community First and the good people of the Western Ave/Howard St community that have been affected by this.
There is no way to tell exactly why the Feds seized this bank by the article. The listing of deposits/assets does not tell the story. With the new regulations, bank are being forced to carry higher reserves against their demand accounts & loans. This is where the story should lie and would let readers know if the bank was under-capitalized and possibly why the bank was seized.
I do not discount the politics of the latest spate of bank closings and I truly fear the “too big to fail” concept which has only created even larger “mega” institutions out of the “failures” to the detriment of our local community banks.
George, the Obama administration doing the same things you accuse Cheney of doing isn’t exactly the “hope and change” The Chosen One ran on, is it?
Stop hiding behind the “well Bush did it” excuses.
The only thing I will miss about this bank is that Hot receptionist Caroline.