Wintrust Financial in Rosemont, Ill., has agreed to buy another failed bank from the Federal Deposit Insurance Corp.
The Illinois Department of Financial and Professional Regulation closed the $328 million-asset First United Bank in Crete on Friday. Wintrust's Old Plank Trail Community Bank agreed to pay a 0.6% premium for the failed bank's $316.9 million in deposits. The FDIC and the Old Plank Trail also agreed to a loss-share agreement on $172.7 million of First United's assets.
The FDIC estimates that the failure will cost the Deposit Insurance Fund $48.6 million. So far this year, 43 banks have failed, including seven in Illinois.
First United is the third failed bank that the $16 billion-asset Wintrust (WTFC) has acquired so far this year and its ninth since April 2010.
"This FDIC-assisted transaction provides a great opportunity to expand our presence in the southern suburbs of Chicago," Edward J. Wehmer, Wintrust's president and chief executive, said in a press release.
