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News Release – Friday, May 8, 2015
State of Illinois Closes Edgebrook Bank, Republic Bank of Chicago Purchases
CHICAGO – The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, in cooperation with the Federal Deposit Insurance Corporation (FDIC), took possession and control of Edgebrook Bank in Chicago on Friday, May 8, 2015 at 5 pm. Republic Bank of Chicago (Oak Brook, IL) has agreed to purchase the bank, ensuring an immediate and uninterrupted transition in service for customers.
“While it is unfortunate that the bank was operated in an unsafe and unsound manner, leaving us no choice but to close it, we want to stress that not one depositor will lose a penny as a result of this action”, said Michael J. Mannion, IDFPR Director of Banking. “At the time of its closure, the bank had approximately $95 million in assets and operated one location in Chicago.”
Republic Bank of Chicago will immediately operate Edgebrook Bank as a branch of its own bank. All in-transit checks will be honored and there will be no interruption of ATM services. Edgebrook Bank first opened in 2005.
FOR IMMEDIATE RELEASE