Bank of Lincolnwood in Illinois was closed by a state regulator, pushing the toll of failed U.S. lenders to 37 this year as unemployment and home foreclosures continue climbing amid the worst recession since the 1930s.
Bank of Lincolnwood, with $214 million in assets, was shut by the Illinois Department of Financial and Professional Regulation, and the Federal Deposit Insurance Corp. was named receiver, the FDIC said today in a statement. Republic Bank of Chicago in Oak Brook, Illinois, will assume the failed bank’s $202 million of deposits.
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