Illinois Community Bank Is Shut Down

12139_closed Illinois Community Bank Is Shut Down Waukegan Savings Bank, based in Waukegan, Ill., was closed by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Itasca, Ill.-based First Midwest Bank to assume all of the deposits of Waukegan Savings Bank.

As of March 31, Waukegan Savings Bank had approximately $88.9 million in total assets and $77.5 million in total deposits. It is the 40th bank to fail this year.

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