The Illinois Department of Financial and Professional Regulation Division of Banking took possession Friday of a failed South Side bank, according to a statement from the agency.
Highland Community Bank, 1701 W. 87th St., first opened in 1970, officials said.
United Fidelity Bank in Evansville, Ind., has agreed to purchase the bank, which will allow uninterrupted service for customers, the statement said.
“Highland Community Bank was operating in an unsafe and unsound condition and did not have adequate capital to protect its depositors,” Sheila Saegh Henretta, IDFPR Acting Director of Banking, said in a statement. “At the time of its closure, the bank had approximately $54 million in assets and operated from three locations in Chicago.”
United Fidelity Bank will immediately operate Highland’s offices as branches of its own bank, according to the statement. No depositors will lose any money and all in-transit checks will be honored. the statement said.