Bank Failures Hit 110

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CHICAGO – The FDIC on Friday closed Palos Bank and Trust Co., a $495 million bank in nearby Palos Heights, the 110th bank failure for 2010.

The bank was assigned to First Midwest Bank of Itasca, Ill., which agreed to share losses on the institution under a purchase and assumption agreement.

There have been 21 credit union failures so far this year.

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