Five banks have failed in Illinois this year as of May 22, which means nearly one of every seven failed banks in the nation this year has been in Illinois.
Three state chartered banks and two national banks were closed because they were “critically undercapitalized,” were “operated in an unsafe and unsound manner,” or had “substantial dissipation of assets and earnings due to unsafe and unsound practices.” When closing two of the banks, Illinois Director of Banking Jorge Solis said, “The . . .
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