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Feds shut down Ravenswood Bank in Chicago
WASHINGTON, Federal regulators say they closed Ravenswood Bank in Chicago Friday, marking the 109th U.S. bank failure in 2010.
The Federal Deposit Insurance Corp. moved Ravenswood's accounts to Northbrook Bank & Trust Co., which will pay about $10.7 million, the Chicago Sun-Times reported Saturday.
Ravenswood, which had total deposits of $269.5 million as of June 30, is among 23 Chicago-area banks to be closed since the start of 2009, the newspaper said.
The FDIC said Ravenswood's two branches will reopen as Northbrook Bank locations Saturday and checks and ATM transactions will be processed normally.
In a loss-sharing agreement with Northbrook, the FDIC estimated the deal will cost the insurance fund $68.1 million.
WASHINGTON, Federal regulators say they closed Ravenswood Bank in Chicago Friday, marking the 109th U.S. bank failure in 2010.
The Federal Deposit Insurance Corp. moved Ravenswood's accounts to Northbrook Bank & Trust Co., which will pay about $10.7 million, the Chicago Sun-Times reported Saturday.
Ravenswood, which had total deposits of $269.5 million as of June 30, is among 23 Chicago-area banks to be closed since the start of 2009, the newspaper said.
The FDIC said Ravenswood's two branches will reopen as Northbrook Bank locations Saturday and checks and ATM transactions will be processed normally.
In a loss-sharing agreement with Northbrook, the FDIC estimated the deal will cost the insurance fund $68.1 million.
