Failure of bank in Illinois brings '12 total to 40

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Associated Press

Posted on August 3, 2012 at 8:00 PM

Updated Saturday, Aug 4 at 9:00 AM

WASHINGTON (AP) — Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Waukegan Savings Bank, based in Waukegan, Ill.

The bank had about $88.9 million in assets and $77.5 million in deposits as of March 31.

First Midwest Bank, based in Itasca, Ill., agreed to assume all of Waukegan Savings' deposits and purchase essentially all of the failed bank's assets.

The failure of Waukegan Savings is expected to cost the deposit insurance fund $19.8 million.

The bank, which had two branches, is the sixth FDIC-insured institution in Illinois to fail this year.

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