The Chicago area was home to the first bank failure of 2014.
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On Friday the Office of the Comptroller of the Currency closed the $61.7 million-asset DuPage National Bank in West Chicago, Ill. Its failure is expected to cost the Deposit Insurance Fund $1.6 million.
Under an agreement with the Federal Deposit Insurance Corp., which was acting a receiver for the failed bank, the $1.3 billion-asset Republic Bank of Chicago in Oak Brook acquired all of DuPage National's assets and assumed its $59.6 million in deposits. Republic agreed to pay a 1.20% premium to assume the deposits.
Twenty-four banks failed last year.
