Bank Failure
First United Bank
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Closed September 28, 2012 · Crete, IL · FDIC Cert #20685.
- Closing date
- September 28, 2012
- Headquarters
- Crete, IL
- FDIC Certificate
- 20685
- Total assets at closing
- $328.4M
- Total deposits at closing
- $316.9M
- Estimated loss to the insurance fund
- $33.8M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Old Plank Trail Community Bank, N.A.
Context
On September 28, 2012, regulators closed First United Bank, headquartered in Crete, IL. At closing, the institution held approximately $328.4M in assets and $316.9M in deposits. The FDIC record names Old Plank Trail Community Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $33.8M.
By assets at closing this is the 522nd largest of the 3,526 bank failures in the FDIC record, and the 11th of 51 in 2012. 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 First United Bank fail?
First United Bank was closed by regulators on September 28, 2012.
Who acquired First United Bank?
The FDIC record names Old Plank Trail Community Bank, N.A. as the acquiring institution in the resolution of First United Bank.
How big was First United Bank when it failed?
First United Bank had approximately $328.4M in total assets and $316.9M in deposits at the time of failure.
Other failures in 2012
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2012 | Community Bank of the Ozarks | $42.8M |
| Nov 16, 2012 | Hometown Communitybank | $124.6M |
| Nov 2, 2012 | Citizens First National Bank | $924.0M |
| Nov 2, 2012 | Heritage Bank of Florida | $225.5M |
| Oct 26, 2012 | Nova Bank | $444.7M |
| Oct 19, 2012 | Excel Bank | $186.1M |
| Oct 19, 2012 | Gulfsouth Private Bank | $139.4M |
| Oct 19, 2012 | First East Side Savings Bank | $65.7M |
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