Federal Regulators Shut Down Illinois Bank

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.

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