CBS 2 Chicago wbbm7801059 670 The Score
New!  CBS Chicago Weather iPhone App: Daily Forecasts, Weather Alerts & Radar Maps!  Free Download »

Local

Federal Regulators Shut Down Illinois Bank

Closed Sign

(Credit: AP)

Jan Coleman Jan Coleman
I’m a native of the South Side of Chicago, so it was an absolute...
Read More

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Don't Miss This

CHICAGO (WBBM) – Federal regulators have shut down another Illinois bank.

On Friday, regulators shut down a bank in Illinois and one in Washington-state, bringing the number closed this year to 63.

The FDIC seized Bank of Shorewood in Shorewood, in Will County. It’s the sixth bank in Illinois to fail this year. Heartland Bank and Trust of Bloomington has agreed to assume Bank of Shorewood’s deposits and assets.

LISTEN: WBBM Newsradio’s Jan Coleman Reports

The pace of bank failures has slowed this year as lenders work their way thru piles of bad debt. By August 6th of last year, regulators had already shut down 109 banks.