DES PLAINES, Ill. (
) --The Illinois Department of Financial and Professional Regulation on Friday shuttered
All American Bank
of Des Plaines, bringing this year's total number of bank failures to 85.
The failed bank was previously included in
institutions, based on regulatory data provided by
All American Bank had $37.8 million in total assets and $33.4 million in deposits when it failed.
The Federal Deposit Insurance Corp. was named receiver and sold the failed institution to
International Bank of Chicago
The failed bank's office was set to reopen during normal business hours as a branch of International Bank of Chicago.
The FDIC estimated the cost of All American Bank's failure to the deposit insurance fund would be $6.5 million.
Thorough Bank Failure Coverage
leads all states with 22 bank failures this year, followed by
, with 12 failures, and
, with nine bank closures.
All previous bank and thrift closures since the beginning of 2008 are detailed in
interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
Written by Philip van Doorn in Jupiter, Fla.
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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.