Sunday, April 25, 2010

Bank failures – 7 more failures over the weekend

All of them in Illinois; there have now been 57 failures YTD; Bank of Montreal is a buyer of the largest failure of the weekend ($3.8B assets Amcore Bank); MBFI is a buyer of two failed banks this weekend (combined assets of $1.7B for MBFI's deals) -  1) Wheatland Bank, Naperville, IL (Wheaton Bank to assume deposits; $437MM in assets); 2) Peotone Bank and Trust Company, Peotone, IL (FMBI assuming deposits; $130MM in assets); 3) Lincoln Park Savings Bank, Chicago, IL (Northbrook Bank and Trust assumes deposits; $199MM assets); 4) New Century Bank, Chicago, IL (MBFI assumes deposits; $485MM in assets); 5) Citizens Bank&Trust Company of Chicago, Chicago, IL (Republic Bank of Chicago assumes deposits; $77MM in assets); 6) Broadway Bank, Chicago, IL (MBFI assumes deposits; $1.2B in assets); 7) Amcore Bank, N.A., Rockford, IL (Harris National Association assumes deposits; Harris is a subsidiary of Bank of Montreal/BMO; $3.8B in asset). 

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