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 CoverageGeorgia leads all states with 22 bank failures this year, followed by Florida, with 12 failures, and Illinois, with nine bank closures. There were four bank failures last Friday. All previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
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