CHICAGO, July 9 (UPI) -- U.S. banking regulators said Wintrust Financial Corp. would take over its sixth failed bank since April 2010, absorbing First Chicago & Trust.
Two months ago the Federal Deposit Insurance Corp. said First Chicago, with about $959 million in assets, was "significantly undercapitalized."
The bank had been trying to shore up capital by raising about $50 million, the Chicago Tribune reported Saturday.
First Chicago has three branch offices in Chicago.
In taking over First Chicago, Wintrust Financial, which owns 15 community banks, has added $1.9 billion in assets to its portfolio in the past 14 months, the newspaper said.
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