Bank of ShorewoodThe Illinois Department of Financial and Professional Regulation closed Bank of Shorewood, which had $110.7 million in total assets and $104 million in deposits when it failed. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution to Heartland Bank and Trust Co. of Bloomington, Ill. The failed bank's three offices -- including the branch operating as Bank of Elwood -- were set to reopen Saturday as Heartland Bank and Trust branches. The FDIC estimated the cost of Bank of Shorewood's failure to the deposit insurance fund would be $25.6 million. Heartland Bank and Trust's previous failed-bank acquisition was Western Springs National Bank and Trust, which was shut down by the Office of the Comptroller of the Currency in April.
Bank of WhitmanThe Washington State Department of Financial Institutions took over Bank of Whitman, of Colfax, Wash., which had $548.6 million in total assets and $515.7 million in deposits. The FDIC was appointed receiver and sold the failed institution's deposits to Columbia State Bank of Tacoma, Wash. Columbia State Bank also agreed to take on $314.4 million of the failed bank's assets, with the FDIC retaining the rest for later disposition. Only eight of Bank of Whitman's 20 branches will reopen, and the FDIC has provided a detailed guide on which branches will reopen, and which will remain closed. The eight remaining Bank of Whitman branches will reopen during normal business hours Monday, as branches of Columbia State Bank. The acquiring institution is the main subsidiary of Columbia Banking System (COLB - Get Report), and previously acquired the failed First Heritage Bank of Snohomish, Wash., in May. The FDIC estimated that Bank of Whitman's failure would cost the deposit insurance fund $134.8 million.
Thorough Bank Failure CoverageAll bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.