Another Illinois bank is shut down

June 5th, 2009 at 09:51pm Alex Gary

Tonight federal regulators shut down Bank of Lincolnwood, a $212 million bank with 54 employees.

Oak Brook-based Republic Bank of Chicago will assume all of Lincolnwood’s deposits and agreed to but about $162 million of its assets. The rest will be retained by the Federal Deposit Insurance Corp. for sale at a later date.

Lincolnwood’s two branches will reopen Saturday as Republic Bank of Chicago.

Lincolnwood was the 37th bank closed this year and the sixth in Illinois. In fact, the past three closings have been Illinois banks and the state is now tied with Georgia for the most in the country.

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