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

WASHINGTON, Aug 13 (BestGrowthStock) – 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)

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