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Bank Failure

A small town Illinois bank was shut down last night by government regulators. The Western Springs National Bank and Trust was seized last night by The Federal Deposit Insurance Corp. Operations will resume as normal today with everyone’s account intact and insured.

The bank’s $368.7 million in assets and deposits were picked up by Heartland Bank and Trust Co. in Bloomington, Ill. The FDIC and Heartland agreed to share losses of $100.8 million on the failed bank’s loans and assets.

Western Springs National Bank and Trust is the 28th bank to fail this year. The 2011 bank failure rate is slightly behind last year’s numbers. At this time last year, 41 banks failed. A total of 157 banks failed in 2010 – the most seen since 1991 (127), according to the FDIC failed bank database.

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