The Illinois Department of Financial & Professional Regulation closed the $90 million-asset Edgebrook Bank in Chicago on Friday.
As the receiver of the failed bank, the Federal Deposit Insurance Corp. entered into an agreement with the $1.6 billion-asset Republic Bank of Chicago in Oak Brook, Ill., to assume the Edgebrook's $90 million in deposits.
Republic also agreed to buy $79.7 million of the failed bank's assets. The FDIC said in a press release that it would retain the remaining assets for later disposition.
The FDIC said Edgebrook's failure would cost the Deposit Insurance Fund $16.8 million. It is the fifth bank to fail so far in 2015 and the second in Illinois.