WASHINGTON (AP) — Regulators have shut down a bank in Illinois, bringing to 110 the number of U.S. banks failures this year amid mounting loan defaults.
The Federal Deposit Insurance Corp. on Friday took over Palos Bank and Trust Co., based in Palos Heights, Ill., with $493.4 million in assets and $467.8 million in deposits. First Midwest Bank, based in Itasca, Ill., agreed to assume the assets and deposits of the failed bank.
The failure of Palos Bank is expected to cost the deposit insurance fund $72 million.