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Community First Bank-Chicago seized

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.

Regulators seize Maywood bank

Regulators have shut down First Suburban National Bank of Maywood, Ill., late Friday and sold its $140 million in deposits to Seaway Bank and Trust Co. of Chicago.

Depositors of the First Suburban National Bank will be protected by the purchase deal with Seaway Bank and Trust. The four branches of First Suburban National Bank will reopen Saturday as branches of Seaway Bank and Trust. Seaway did not pay a premium.
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