Aug. 14, 2010 (United Press International) -- State regulators have shut down Palos Bank and Trust, the 14th Illinois bank failure so for this year, a report says.
It becomes the 110th U.S. bank (NYSE:USB) to fail this year and since the recession officially began in December 2007, more than 270 banks have failed, the Wall Street Journal said.
The bank had assets of $493.4 million and deposits of nearly $468 million as of June 30. First Midwest Bank of Itasca, Ill., offered to buy all of Palos' deposits at a premium of one percent and the Federal Deposit Insurance Corporation will help pay losses of almost $344 million, the Journal said.
