State regulators on Friday closed Edgebrook Bank, Chicago, and appointed the FDIC as receiver. Republic Bank of Chicago, Oak Brook, Ill., agreed to assume all of the failed banks $90 million in deposits and to purchase $79.7 million of its $90 million in assets. The failure, which is estimated to cost the Deposit Insurance Fund $16.8 million, was the fifth thus far in 2015. Read more.
Travis Hill will be acting FDIC chairman; David Lebryk will lead Treasury until Scott Bessent's confirmation.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
The FDIC sued 17 former executives and directors of Silicon Valley Bank, alleging their gross negligence led to the collapse of the institution.
The U.S. government will begin using “extraordinary measures” on Tuesday, Jan. 21, to avoid hitting the debt limit, outgoing Treasury Secretary Janet Yellen said today in a letter to House Speaker Mike Johnson.
This year could be a “banner year” for bank mergers and acquisitions, with improving economic conditions, enhanced net interest margins and the possibility of tax cuts, according to a recent analysis by the law firm Hunton Andrews Kurth.
The Federal Reserve announced it has pulled out of a coalition of central banks formed to tackle climate change risk in the financial sector.
