A year after the financial meltdown on Wall Street, banks around the coutry are still struggling to make ends meet.
It is the 17th Illinois bank to fail since 2008, and the 106th to fail nationwide.
With $279 million in assets and and $254 in total deposits, the bank still lost $16.1 million in the first half of 2009, and more than 20 percent of its loans were delinquent.
As of June 30, the bank was also undercapitalized.
The bank’s customers and their deposits will be automatically insured by First Midwest Bank, which has been acquiring failed banks through FDIC-assisted deals along with MB Financial and Private Bancorp.
Customers with questions or concerns can call the FDIC toll-free number at 1-800-450-5417.