Bank Failure
Covenant Bank
BankRegReports is independent of Covenant Bank and never asks for online banking logins or passwords.
Closed February 15, 2013 · Chicago, IL · FDIC Cert #22476.
- Closing date
- February 15, 2013
- Headquarters
- Chicago, IL
- FDIC Certificate
- 22476
- Total assets at closing
- $58.4M
- Total deposits at closing
- $54.2M
- Estimated loss to the insurance fund
- $19.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Liberty Bank and Trust Company
Context
On February 15, 2013, regulators closed Covenant Bank, headquartered in Chicago, IL. At closing, the institution held approximately $58.4M in assets and $54.2M in deposits. The FDIC record names Liberty Bank and Trust Company as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $19.6M.
By assets at closing this is the 1545th largest of the 3,526 bank failures in the FDIC record, and the 15th of 24 in 2013. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Covenant Bank fail?
Covenant Bank was closed by regulators on February 15, 2013.
Who acquired Covenant Bank?
The FDIC record names Liberty Bank and Trust Company as the acquiring institution in the resolution of Covenant Bank.
How big was Covenant Bank when it failed?
Covenant Bank had approximately $58.4M in total assets and $54.2M in deposits at the time of failure.
Other failures in 2013
| Date | Bank | Assets |
|---|---|---|
| Dec 13, 2013 | Texas Community Bank, N.A. | $159.3M |
| Oct 30, 2013 | Bank of Jackson County | $24.7M |
| Sep 13, 2013 | First National Bank | $3.09B |
| Sep 13, 2013 | The Community's Bank | $26.4M |
| Aug 23, 2013 | Community South Bank | $386.9M |
| Aug 23, 2013 | Sunrise Bank of Arizona | $202.2M |
| Aug 9, 2013 | Bank of Wausau | $43.6M |
| Aug 2, 2013 | First Community Bank of Southwest Florida | $247.3M |
Explore: all failures · IL bank events · 2013 events · events hub