Urban partnership Bank, Chicago, Illinois, reply to all, ShoreBank, Chicago, Illinois deposits

Press Releases
Urban partnership Bank, Chicago, Illinois, reply to all, ShoreBank, Chicago, Illinois deposits

AS SOON AS THE PUBLICATION OF THE
20. August 2010 Media Contact:
David Barr
Phone: 202) 898-6992
Cell: (703) 622-c(2006) 4790
Email: dbarr@fdic.gov

ShoreBank, Chicago, Illinois, has ended today, the Illinois Department of financial and professional regulation, to be appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. depositors, purchase and assumption agreement with Urban partnership Bank, Chicago, Illinois, recently vessels chartered institution assumes that all FDIC ShoreBank deposits came.

ShoreBank 15 branches open than Urban partnership Bank-Detroit, Michigan, and Cleveland, Ohio, those of a normal business hours, including Saturday hours in accordance with the said establishments. branches of depositors is automatically set to the depositors of the ShoreBank Urban partnership Bank. FDIC insured Deposits continue, so there is no need for customers to change banking relations between them in order to preserve the deposit insurance coverage.ShoreBank customers should continue to use existing branch, before they receive communication in the framework of the Urban partnership Bank that it is a ready-to-use systems changes.

This evening and over the weekend, the depositor in writing to provide cash checks ShoreBank or by using ATM or debit card cards. handled for the Bank to carry out checks.Loan customers should continue their for the purpose of effecting payments in the usual manner.

30. June 2010, ShoreBank was about 2.16 billion dollar assets and the 1.54 billion dollars in total deposits.Urban partnership the Bank shall pay to the FDIC 0.50% to assume all the premium ShoreBank deposits.In addition to assuming all of the deposits of the failed Bank, Urban partnership Bank agree to purchase substantially all the assets, except in the case of marketable securities and fixed assets.

Urban partnership between the Bank and the FDIC entered the LGD of a transaction, 1.41 billion u.s. dollars of funds ShoreBank. Urban partnership Bank share loan losses asset pools within the scope of the agreement the LGD. LGD to help maximize the return on the transaction is expected to keep the assets covered by the private sector.The event of serious internal disturbances affecting the maintenance of the loan are also expected to reduce customers.For more information about the LGD, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's event can call the FDIC toll free 1-800-523-8503. phone number: 00-functional 9 p.m., Central Daylight Time (Centre), until the evening of Saturday-9: 00 a.m. 6: 00 p.m., the translation Centre for bodies of the European Union; on Sunday, April 26, 2009 at 6: 00 p.m., the translation Centre for bodies of the European Union; and after 8: 00 a.m. 8: 00 p.m., the translation Centre for bodies of the European Union. interested parties may also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/shorebank.html.

FDIC estimates that the cost of Deposit Insurance (DIF), is 367.7 million dollars compared to other options., Urban partnership from the Bank's acquisition was the cheapest, the accuracy of the FDIC DIF. ShoreBank is FDIC insured institution 114th-to face the nation this year, and posted, Illinois Last FDIC insured institution. closed was Palos Bank and Trust Company, Palos Heights, 13.August 2010.

Annex:
The page-PDF (PDF help)

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Congress created the Federal Deposit Insurance Corporation to restore the public's confidence in the nation of the banking system of the 1933. deposits FDIC takaatte successful nation 7,932 banks and savings associations and it contributes to the stability and security by identifying, monitoring and deal with risks for which they are exposed to the FDIC may not. federal tax dollars – the insured financial institutions to finance their activities.

FDIC press releases and other information is electronically available on the Internet at www.fdic.gov order (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained from the FDIC's Public Information Center (877-275-3342 or 703-562-2200).PR-193-2010