WASHINGTON — Illinois' failure tally for 2010 continued to grow late Friday with the closure of $265 million-asset Ravenswood Bank.
It was the 13th bank to fail in the state this year, while total closures rose to 109.
Northbrook Bank and Trust Co. in Illinois assumed all of Ravenswood's $269.5 million of deposits from the Federal Deposit Insurance Corp., paying a premium of 0.9% for the bank's non-brokered deposits.
The $905 million-asset Northbrook also agreed to purchase essentially all of the failed bank's assets. Northbrook entered into a loss-sharing agreement with the FDIC on $161.3 million of the assets.
The failure is expected to cost the Deposit Insurance Fund $68.1 million.
The June 4th closure of Arcola Homestead Savings Bank was the last failure in Illinois. The FDIC was unable to find a buyer for the $17 million-asset institution.
Friday proved to be a rare light night for the FDIC, with only one failure. Since mid-July, 18 other institutions have collapsed.