Illinois regulators on Friday closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all of the failed bank’s $42.7 million in deposits and to purchase $45 million of the bank’s $49.5 million in assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimated that the failure—the first of 2025—will cost the Deposit Insurance Fund about $28.5 million. Suspected fraud caused the higher estimated cost to the DIF, the agency said.