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"Regulators close llinois, Indiana bank"
By Drew FitzGerald
Regulators on Friday closed a bank in Illinois and another in Indiana, bringing the nationwide tally of bank failures up to nine for the year.
Illinois' Office of the Comptroller of the Currency on Friday closed Hoffman Estates, Ill.-based Charter National Bank and Trust. Barrington Bank & Trust Co. agreed to take over the failed bank and its two branches as part of a purchase-and-assumption deal with the Federal Deposit Insurance Corp.
Barrington Bank is a subsidiary of Wintrust Financial Corp. WTFC -2.26% .
Charter National Bank and Trust had about $93.9 million in assets and $89.5 million in deposits at the end of December. Barrington Bank & Trust agreed to assume all the failed bank's deposits and to buy essentially all of its assets.
Indiana regulators also closed Shelbyville, Ind.-based SCB Bank. First Merchants Bank NA, of Muncie, Ind., agreed to take over SCB and its four branches.
The acquiring bank is owned by First Merchants Corp. FRME -1.74% .
SCB Bank had about $182.6 million in assets and $171.6 million in deposits at the end of December. First Merchants Bank agreed to assumed SBC's deposits and essentially all of the assets.
The FDIC estimates that the cost of the bank failures to the Deposit Insurance Fund will reach $106 million.
The latest failures add to the hundreds of banks that have collapsed since the end of 2007 after the housing sector bust and the financial crisis. In 2011, there were 92 failures, down from the 157 banks that failed in 2010.
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