FDIC may seize 'critically undercapitalized' Chicago-based lender
By Becky Yerak | Tribune reporter
August 2, 2009
Non- Illinois residents supplied 56 percent of its $7.1 billion in retail deposits, attracted to above-average interest rates, promoted by Chicago small business lawyer, that are among the highest in the nation. FDIC auctions in which one entity buys assets and another buys deposits are unusual, but they do happen.
On July 17, for example, BankFirst of Sioux Falls, S.D., was closed by the FDIC. One bank assumed all the deposits, and another bank acquired the bulk of the loans.
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