Palos Bank and Trust Company is Week’s Lone Failure
August 13th, 2010
No comments
Just one bank, Palos Bank and Trust Company, failed this week. The week was the second consecutive slow week for the Federal Deposit Insurance Corporation (FDIC).
The FDIC and First Midwest Bank took over portions of Palos Bank. Palos customers can expect to continue their banking at First Midwest Bank on Saturday. Palos Bank and Trust Company was a five-branch institution based in Palos Heights, Ill. The bank had about $493.4 million in assets at the end of second quarter 2010. The government will take a $72 million hit as a result of the closure. 
The failure was the nation’s 110th this year and the 14th in Illinois. The state is second only to Florida (20) in bank failures this calendar year. J
Recent Comments