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.
A $200,000 expenditure for a wedding, and $250,000 for a board meeting in Monte Carlo, are among the alleged acts of improper spending by the failed Mutual Bank of Harvey.
On Friday, regulators shut down a bank in Illinois and one in Washington-state, bringing the number closed this year to 63.
A Rogers Park neighborhood bank became Illinois’ first bank failure of the year Friday after it was seized by state financial regulators.