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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Illinois Bank Seized

State regulator closes Bank of Lincolnwood

June 5, 2009

By staff

The failure of an Illinois bank founded in the fifties brings to 37 the number of federally insured banks to fail this year. The latest casualty was heavily weighted in construction-and-land-development loans -- as many victims were.

The Illinois Department of Financial and Professional Regulation closed down Bank of Lincolnwood today and appointed the Federal Deposit Insurance Corporation as receiver, a news release said.

The failed institution, based in Lincolnwood, Ill., was founded in 1954. As of March 31, it employed 54 people.

Republic Bank of Chicago assumed all of Bank of Lincolnwood's $202 million in deposits as of May 26. It also agreed to acquire $162 million of the failed bank's $214 million in assets.

As of March 31, Bank of Lincolnwood held $37 million in residential loans, $34 million in commercial mortgages and $64 million in construction-and-land-development.

The FDIC expects to eat $83 million on the failure of Bank of Lincolnwood -- the 37th federally insured bank to fail this year.

In its first-quarter Quarterly Banking Profile, the FDIC reported that 21 institutions failed during the first quarter, leaving the number of FDIC-insured institutions at 8,246.

Commercial Mortgage & Finance, which filed for Chapter 11 Bankruptcy protection in October 2008, is planning to liquidate, GateHouse Media Inc. reported. The company collapsed as investors rushed to cashout their notes. The Illinois-based firm owes 1,400 creditors an average of around $50,000 each.

So far this year, has tracked the closing of 76 mortgage-related firms.
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