Founders Bank, Worth, IL

The FDIC was busy this holiday weekend seizing seven banks after the close of business this fourth of July weekend. Founders Bank, Worth, IL, was the 52nd bank to be shut down by the agency in 2009 and the seventh of the night. Here is the story from Reuters.

U.S. bank regulators closed Founders Bank, of Worth, Illinois, the largest of 7 financial institutions seized on Thursday.

The Federal Deposit Insurance Corp said Founders had $962.5 million in assets and approximately $848.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $188.5 million.

The PrivateBank and Trust Co of Chicago will assume all of the deposits of Founders Bank.

Do not hesitate to visit the offical FDIC webpage for Founders Bank, if you should have any further questions.