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This just in… Broadway among 7 Illinois banks seized by FDIC - React from Kirk - 4 more IL banks put on notice

Friday, Apr 23, 2010

* 6:17 pm - The FDIC’s list of eated banks has just been released. They’re all from Illinois

New Century Bank [Chicago]
Citizens Bank and Trust Company of Chicago
Broadway Bank [Chicago]
Amcore Bank [Rockford]

Of course, the media is gonna focus on just one of them.

* 6:18 pm - MB Financial is taking over Broadway

All deposit accounts. excluding certain brokered deposits, have been transferred to MB Financial Bank, National Association (N.A.), Chicago, IL (”assuming institution”) and will be available immediately. The former Broadway Bank locations will reopen as branches of MB Financial Bank, N.A. during regular business hours.

* MB Financial received $193 million from the federal financial industry bailout, aka TARP. The company still owes the government $184 million.

* Alexi Giannoulias plans to hold a press conference tonight at 7 at the Hotel Allegro. Check back. We may have live video.

* Amcore appears to be the biggest bank on today’s seizure list. From ABC7

“Amcore is another bank on the ropes. It is 3 or 4 times bigger than Broadway. From a business perspective, Amcore is a way bigger story but the detail of a US Senate Candidate makes [Broadway] more interesting,” said Brian Battle, Performance Capital Partners.

Amcore was taken over by Harris.

*** 6:35 pm *** The Illinois banking bloodbath may get worse tonight

Three other Chicago-area lenders — Lincoln Park Savings Bank, Citizens Bank & Trust of Chicago and Peotone Bank — are expected to fail Friday evening. They close at 7 p.m. and announcements of their buyers would take place after that, sources say.

Seven in one day. Well, isn’t Illinois special?

* Here are the costs to the FDIC’s bank-funded insurance fund for each of the seized institutions so far…

* Broadway: $394.3 million
* Amcore: $220.3 million
* New Century: $125.3 million
* Citizens: $20.9 million

So far, anyway, Broadway is tops on that list.

* ABC7’s coverage


*** 7:17 pm *** Eated

Wheatland Bank, Naperville, IL
Peotone Bank and Trust, Peotone, IL
Lincoln Park Savings Bank, Chicago, IL

* Let’s update the FDIC insurance cost list…

* Broadway: $394.3 million
* Amcore: $220.3 million
* Northbrook: $141.5 million
* Wheatland: $133.0 million
* New Century: $125.3 million
* Peotone: $57.5 million
* Citizens: $20.9 million

* 7:25 pm - From a Mark Kirk campaign spokesperson

“While years of risky lending schemes, hot money investments and loans to organized crime led to today’s failure, it’s a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias’ reckless business practices.”

* 7:29 pm - The Giannoulias campaign has updated its “The Truth About the Bank” website with info on how the FDIC insurance system is funded.

* 7:43 pm - History

The one-day record for Illinois bank failures was March 16, 1989, when 10 were seized by regulators.

In 2009, 21 Illinois banks failed. Year to date before today, three Illinois banks have failed.

*** 9:27 pm *** Four more Illinois banks were put on notice today that they need to raise capital or face an FDIC eating…

The State of Illinois Department of Financial and Professional Regulation issued consent decrees for these four banks this afternoon:

Institution Name: First Personal Bank
Charter Address: 14701 S. Ravinia Avenue, Orland Park

Institution Name: Waukegan Savings Bank
Charter Address: 1324 Golf Road, Waukegan

Institution Name: Norstates Bank
Charter Address: 1601 North Lewis Avenue, Waukegan

Institution Name: Brickyard Bank
Charter Address: 6676 North Lincoln Avenue, Lincolnwood, Illinois

- Posted by Rich Miller        


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