Bank Failure
Palos Bank and Trust Company
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Closed August 13, 2010 · Palos Heights, IL · FDIC Cert #17599.
- Closing date
- August 13, 2010
- Headquarters
- Palos Heights, IL
- FDIC Certificate
- 17599
- Total assets at closing
- $493.4M
- Total deposits at closing
- $467.8M
- Estimated loss to the insurance fund
- $67.0M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Midwest Bank
Context
On August 13, 2010, regulators closed Palos Bank and Trust Company, headquartered in Palos Heights, IL. At closing, the institution held approximately $493.4M in assets and $467.8M in deposits. The FDIC record names First Midwest Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $67.0M.
By assets at closing this is the 380th largest of the 3,526 bank failures in the FDIC record, and the 45th 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 Palos Bank and Trust Company fail?
Palos Bank and Trust Company was closed by regulators on August 13, 2010.
Who acquired Palos Bank and Trust Company?
The FDIC record names First Midwest Bank as the acquiring institution in the resolution of Palos Bank and Trust Company.
How big was Palos Bank and Trust Company when it failed?
Palos Bank and Trust Company had approximately $493.4M in total assets and $467.8M 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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