Chicago Bank With Blagojevich Ties Is 109th Failure Of 2010
CHICAGO – State regulators closed Ravenswood Bank in Chicago on Friday, making the $265 million bank the country's 109th bank failure in 2010 and 13th in Illinois.
The bank had been the subject of reports in recent days because former Illinois Gov. Rod Blagojevich had some campaign funds held there. Federal prosecutors have said they could seize those campaign funds as part of a federal corruption trial against the former governor.
Blagojevich's campaign funds are believed to be spread across at least four banks: Ravenswood, DuQuoin State Bank, First Suburban National Bank and Community Bank of DuPage.
The FDIC sold virtually all of the bank's $265 million in assets and $270 million in deposits to Northbrook Bank and Trust Company in Northbrook, Ill.