Reply #2: We have 4 fewer banks in Illinois tonight--RIP

[Demeter]

Amcore Bank, National Association, Rockford, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Harris National Association, Chicago, Illinois, to assume all of the deposits of Amcore Bank, National Association.

The 58 branches of Amcore Bank, National Association will reopen on Saturday as branches of Harris National Association...As of December 31, 2009, Amcore Bank, National Association had approximately $3.8 billion in total assets and $3.4 billion in total deposits. Harris National Association will pay the FDIC a premium of 0.01 percent to assume all of the deposits of Amcore Bank, National Association. In addition to assuming all of the deposits of the failed bank, Harris National Association agreed to purchase essentially all of the assets...The FDIC and Harris National Association entered into a loss-share transaction on $2.0 billion of Amcore Bank, National Association's assets. Harris National Association will share in the losses on the asset pools covered under the loss-share agreement...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $220.3 million. Harris National Association's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Amcore Bank, National Association is the 51st FDIC-insured institution to fail in the nation this year, and the fourth in Illinois. The last FDIC-insured institution closed in the state was Bank of Illinois, Normal, on March 3, 2010.

Broadway Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation — Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of Broadway Bank.

The four branches of Broadway Bank will reopen on Saturday as branches of MB Financial Bank, National Association...As of December 31, 2009, Broadway Bank had approximately $1.2 billion in total assets and $1.1 billion in total deposits. MB Financial Bank, National Association did not pay the FDIC a premium for the deposits of Broadway Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank, National Association agreed to purchase essentially all of the assets.

The FDIC and MB Financial Bank, National Association entered into a loss-share transaction on $878.4 million of Broadway Bank's assets. MB Financial Bank, National Association will share in the losses on the asset pools covered under the loss-share agreement...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $394.3 million. MB Financial Bank, National Association's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Broadway Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the fifth in Illinois.

Citizens Bank&Trust Company of Chicago, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation — Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Citizens Bank&Trust Company of Chicago.

The sole branch of Citizens Bank&Trust Company of Chicago will reopen on Saturday as a branch of Republic Bank of Chicago...As of December 31, 2009, Citizens Bank&Trust Company of Chicago had approximately $77.3 million in total assets and $74.5 million in total deposits. Republic Bank of Chicago will pay the FDIC a premium of 0.00013 percent to assume all of the deposits of Citizens Bank&Trust Company of Chicago. The FDIC as receiver will retain most of the assets from Citizens Bank&Trust Company of Chicago for later disposition...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.9 million. Republic Bank of Chicago's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Citizens Bank&Trust Company of Chicago is the 53rd FDIC-insured institution to fail in the nation this year, and the sixth in Illinois.

New Century Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation — Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of New Century Bank.

The three branches of New Century Bank will reopen on Saturday as branches of MB Financial Bank, National Association...As of December 31, 2009, New Century Bank had approximately $485.6 million in total assets and $492.0 million in total deposits. MB Financial Bank, National Association did not pay the FDIC a premium for the deposits of New Century Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank, National Association agreed to purchase essentially all of the assets.

The FDIC and MB Financial Bank, National Association entered into a loss-share transaction on $429.1 million of New Century Bank's assets. MB Financial Bank, National Association will share in the losses on the asset pools covered under the loss-share agreement...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $125.3 million. MB Financial Bank, National Association's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. New Century Bank is the 54th FDIC-insured institution to fail in the nation this year, and the seventh in Illinois.