An Orland Park-based savings bank was among four banks seized Friday by federal regulators, boosting to 20 the number of U.S. bank failures this year.
George Washington Savings Bank had four branches and about $412.8 million in assets and $397 million in deposits, the Federal Deposit Insurance Corp. said.
FirstMerit Bank NA, of Akron, Ohio, agreed to take over deposits at George Washington Savings Bank. FirstMerit is also taking over essentially all the assets. For George Washington, the FDIC predicts the takeover will cost the insurance fund $141.4 million.
The loss-sharing agreement for George Washington covers $324.2 million in assets.
Regulators seized 140 banks in 2009 in the worst financial climate in decades.
The other banks closed Friday were La Jolla Bank, of La Jolla, Calif.; Marco Community Bank, on Marco Island, near Naples, Fla.; and La Coste National Bank, of La Coste, Texas.
Distributed via Chicago Press Release Services