In the only bank failure reported last week, state regulators in Illinois have shut down Des Plaines-based All American Bank. The Federal Deposit Insurance Corp. (FDIC), as receiver, has entered into a purchase-and-assumption agreement with International Bank of Chicago to assume the failed bank's assets and deposits.
As of the end of the second quarter, All American Bank had approximately $37.8 million in total assets and $33.4 million in total deposits.
The 86th FDIC-insured institution to fail this year, All American Bank is expected to cost the FDIC's insurance fund approximately $6.5 million.
