US regulators close small lender in Illinois

Published on NewsOK Modified: May 16, 2014 at 6:20 pm •  Published: May 16, 2014
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WASHINGTON (AP) — Regulators have closed a small lender in Illinois, marking the seventh U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken over AztecAmerica Bank, based in Berwyn.

The lender, which operated two branches, had about $66.3 million in assets and $65 million in deposits as of Dec. 31.

Republic Bank of Chicago, based in Oak Brook, Illinois, agreed to pay the FDIC a premium of 1.025 percent to assume AztecAmerica's deposits. Republic Bank also agreed to buy roughly $58.3 million of the failed bank's assets.

The FDIC will retain the remaining assets for later disposition.

AztecAmerica's failure is expected to cost the deposit insurance fund $18 million.