A savings and loan with strong ties to Chicago’s Hispanic community has become the 38th bank nationwide this year to fail.
Premier Bank has become the third Illinois bank to fail this year, and the second this month. State regulators worked with the bank for months in an attempt to save it.
The failure Friday of New City Bank has left depositors in limbo, but it won’t last for long.
Federal investigators say the issuance of too many real estate loans was the cause of the demise of Broadway Bank.