Press Releases
First Midwest Bank, Itasca, Illinois, is responsible for all deposits and Palos Bank Trust Company, Palos Heights, Illinois
AS SOON AS THE PUBLICATION OF THE
13. August 2010 Media Contact:
David Barr
Office phone: (202) 898-6992
Mobile phone: (703) 622-c(2006) 4790
Email: dbarr@fdic.gov
Palos Bank and Trust Company, Palos Heights, Illinois, has ended today, the Illinois Department of financial and professional regulation, Division of Banking, appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. depositors, purchase and assumption agreement with first Midwest Bank, Itasca, Illinois, to assume all deposits and Palos Bank Trust Company became the FDIC.
Five branches in Palos Bank and Trust Company again on Saturday as the first Midwest bank depositors of the bank branches. Palos and Trust Company is automatically set to the First Midwest Bank depositors. FDIC insured lose man boobs Deposits continue, so there is no need for customers to change banking relations between them in order to preserve the deposit insurance coverage. Palos customers of that Bank and Trust Company should continue to use the existing branch, before they receive the communication First Midwest Bank that it is complete, so that other branches of the first Midwest bank account for the changes to the systems.
This evening and over the weekend, the depositors of the Bank and Trust Company Palos to spend money in writing checks or 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, the Bank and Trust Company Palos was approximately 493.4 million dollar assets and 467.8 million in total deposits.First Midwest Bank shall pay to the FDIC 1,0% assumed all deposits and Palos Bank Trust Company premium.In addition to assuming all of the deposits of the failed Bank, first Midwest Bank agreed to purchase substantially all the assets.
Midwest first Bank and FDIC entered the LGD of a transaction, 343.8 million-dollar Bank and Trust company's Palos property.First Midwest Bank share loan losses asset pools LGD within the scope of the agreement.Loss-to-GDP ratio is projected to maximise the return on the transaction to keep the assets covered by the private sector are also expected to the transaction. loan customers to reduce disturbances.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 1-800-913-3053. 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/palosbank.html.
FDIC estimates that Deposit Insurance (DIF)-cost is 72.0 million dollar. compared to in any other way, the first Midwest Bank acquisition was the cheapest, the accuracy of the FDIC DIF. Palos Bank and Trust Company to face the nation this year, the FDIC-insured institution 110th and fourteenth, Illinois Last FDIC insured institution. closed was Ravenswood Bank, Chicago, 6.August 2010.
# # #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-189-2010
