WASHINGTON (AP) — Regulators have closed a small lender in Illinois, making it the first U.S. bank failure of 2014 following 24 closures last year.
The Federal Deposit Insurance Corp. said Friday it has taken over DuPage National Bank, based in West Chicago, Ill.
The lender, which operated three branches, had about $61.7 million in assets and $59.6 million in deposits as of Sept. 30.
Republic Bank of Chicago, based in Oak Brook, Ill., agreed to pay the FDIC a premium of 1.20 percent to assume all of DuPage National Bank's deposits.
Republic Bank also agreed to buy essentially all of the failed bank's assets.
The failure of DuPage National Bank is expected to cost the deposit insurance fund $1.6 million.