US regulators close small Chicago bank

AP News
Posted: May 08, 2015 6:52 PM

NEW YORK (AP) — Regulators have closed a small bank in Chicago, marking the fifth failure of a federally insured bank 2015.

Edgebrook Bank was closed by the Illinois Department of Financial & Professional Regulation on Friday. Republic Bank of Chicago agreed to buy $79.7 million of the failed bank's assets, and the Federal Deposit Insurance Corp. will retain the rest. The bank's sole branch will reopen during normal business hours.

Edgebrook Bank had $90 million in assets and $90 million in deposits as of March 31.

The failure is expected to cost the FDIC $16.8 million.

According to the FDIC, a total of 18 banks failed in 2014. That's down from 24 the year before, and far below the 157 banks that went under in 2010 in the wake of the financial crisis.