Ravenswood Bank on the North Side became the 109th FDIC-insured bank to fail this year, and the 13th in Illinois, after federal regulators took it over Friday evening, according to an FDIC release.
Two branches of the Ravenswood neighborhood bank will reopen Saturday as branches of Northbrook Bank and Trust Company, an institution based in north suburban Northbrook that will eventually assume all of Ravenswood’s deposits, according to the release.
As of June 30, the now-failed bank had nearly $265 million in assets and $270 million in total deposits, according to the release. Northbrook has agreed to purchase essentially all of the bank’s assets, including non-brokered deposits, the release said.
Customers can continue writing checks or using ATM or debit cards, and checks drawn on Ravenswood Bank will continue to be processed, the release said. Loan customers should continue to make their payments as usual.
Friday's takeover makes Ravenswood Bank the 109th nationwide to fail this year and the thirteenth in Illinois, the release said.