Business News

Regulators close Illinois bank

Published: Oct. 29, 2011 at 12:08 PM

WASHINGTON, Oct. 29 (UPI) -- State regulators closed the All American Bank of Des Plaines, Ill., which would be the second smallest bank by assets to fail in 2011, data shows.

The bank, which will be taken over by the International Bank of Chicago, had assets of $37.8 million. The only smaller bank to fail this year was Minnesota's Rosemount National Bank, according to the Problem Bank List.

The Wall Street Journal said Saturday that the International Bank of Chicago would buy all of its deposits and essentially all of its assets.

The cost of the closure to the Federal Deposit Insurance Corp. would be $6.5 million, the Journal reported.

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