WASHINGTON - The Office of the Comptroller of the Currency closed Eagle Bank of Champaign County in Illinois and appointed the Federal Deposit Insurance Corp. as receiver.
Busey Bank of Urbana, III., assumed $16.6 million in about 2,500 insured deposit accounts and agreed to purchase $17.7 million of the failed bank's $20 million of assets.
The Rantoul-based bank was critically undercapitalized and failed to submit an acceptable capital restoration plan, the Comptroller's office said.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
