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.READ MORE: Massive Chemical Plant Fire In Rockton, Illinois, Could Burn For Days
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.READ MORE: 2 Men Shot In Car That Crashed On Lake Shore Drive Near Elm Street
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.