First Illinois Bank Failure Of 2014

WASHINGTON (AP) – Regulators have closed a small bank in West Chicago, making it the first U.S. bank failure of 2014 following 24 closures last year.

The Federal Deposit Insurance Corporation has taken over DuPage National Bank.
The lender, which operated three branches, had about $61.7 million in assets and $59.6 million in deposits as of Sept. 30.

Republic Bank of Chicago, based in Oak Brook agreed to pay the FDIC a premium of 1.20 percent to assume all of DuPage National Bank’s deposits. Republic Bank also agreed to buy essentially all of the failed bank’s assets.