Regulators shut banks in Illinois, Wash. state
Friday, August 5, 2011
WASHINGTON (AP) -- Regulators have shut down a small bank in Illinois and one in Washington, lifting to 63 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. seized Bank of Shorewood, in Shorewood, Ill., with $110.7 million in assets and $104 million in deposits. Bank of Whitman, in Colfax, Wash., with $548.6 million in assets and $515.7 million in deposits, also was shuttered.
Heartland Bank and Trust Co. agreed to assume Bank of Shorewood's deposits and essentially all its assets.
Columbia State Bank in Tacoma, Wash., agreed to assume Bank of Whitman's deposits and $314.4 million of its assets.
The failure of the two banks is expected to cost the deposit insurance fund $160.4 million.