Bank Failure
Universal FSB
BankRegReports is independent of Universal FSB and never asks for online banking logins or passwords.
Closed June 27, 2002 · Chicago, IL · FDIC Cert #29355.
- Closing date
- June 27, 2002
- Headquarters
- Chicago, IL
- FDIC Certificate
- 29355
- Total assets at closing
- $51.6M
- Total deposits at closing
- $40.3M
- Estimated loss to the insurance fund
- $274K
- Insurance fund
- Savings Association Insurance Fund (SAIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Chicago Community Bank
Context
On June 27, 2002, regulators closed Universal FSB, headquartered in Chicago, IL. At closing, the institution held approximately $51.6M in assets and $40.3M in deposits. The FDIC record names Chicago Community Bank as the acquiring institution in the resolution. The estimated cost to the Savings Association Insurance Fund (SAIF) was approximately $274K.
By assets at closing this is the 1624th largest of the 3,526 bank failures in the FDIC record, and the 7th of 11 in 2002. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Universal FSB fail?
Universal FSB was closed by regulators on June 27, 2002.
Who acquired Universal FSB?
The FDIC record names Chicago Community Bank as the acquiring institution in the resolution of Universal FSB.
How big was Universal FSB when it failed?
Universal FSB had approximately $51.6M in total assets and $40.3M in deposits at the time of failure.
Other failures in 2002
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2002 | The Farmers Bank & Trust of Cheneyville | $35.3M |
| Nov 8, 2002 | Bank of Alamo | $58.5M |
| Sep 30, 2002 | Amtrade International Bank of Georgia | $92.1M |
| Jun 26, 2002 | Connecticut Bank of Commerce | $384.2M |
| Mar 28, 2002 | New Century Bank | $21.1M |
| Mar 1, 2002 | Net First National Bank | $37.2M |
| Feb 7, 2002 | Nextbank | $700.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
Explore: all failures · IL bank events · 2002 events · events hub