August 14, 2010 / 12:25 AM / 9 years ago

U.S. FDIC says Palos Bank and Trust Co. closed

WASHINGTON, Aug 13 (Reuters) - U.S. regulators on Friday closed Palos Bank and Trust Company in Illinois, the Federal Deposit Insurance Corp said, marking the 110th U.S. bank failure so far this year and the 14th in Illinois.

The FDIC said Palos Bank and Trust Company had $493.4 million in assets. First Midwest Bank of Itasca, Illinois, will assume the deposits of the failed institution.

The bank failure is expected to cost the FDIC’s insurance fund $72 million. (Reporting by Tom Doggett; Editing by Gary Hill)

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