Bank Failure
New Century Bank
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Closed April 23, 2010 · Chicago, IL · FDIC Cert #34821.
- Closing date
- April 23, 2010
- Headquarters
- Chicago, IL
- FDIC Certificate
- 34821
- Total assets at closing
- $447.2M
- Total deposits at closing
- $439.0M
- Estimated loss to the insurance fund
- $132.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- MB Financial Bank, N.A.
Context
On April 23, 2010, regulators closed New Century Bank, headquartered in Chicago, IL. At closing, the institution held approximately $447.2M in assets and $439.0M in deposits. The FDIC record names MB Financial Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $132.1M.
By assets at closing this is the 410th largest of the 3,526 bank failures in the FDIC record, and the 50th of 157 in 2010. 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 New Century Bank fail?
New Century Bank was closed by regulators on April 23, 2010.
Who acquired New Century Bank?
The FDIC record names MB Financial Bank, N.A. as the acquiring institution in the resolution of New Century Bank.
How big was New Century Bank when it failed?
New Century Bank had approximately $447.2M in total assets and $439.0M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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