Regulators shut down Edgebrook Bank on Northwest Side

SHARE Regulators shut down Edgebrook Bank on Northwest Side

State and federal regulators on Friday shut down a Northwest Side bank and announced that all of its assets will be taken over by an Oak Brook-based bank.

The state Dept. of Financial and Professional Regulation and the FDIC took possession of Edgebrook Bank at 5 p.m. Friday and announced that Republic Bank of Chicago, based in Oak Brook, will purchase the bank, a statement from IDFPR said.

Edgebrook Bank has been located at 6000 W. Touhy in the Forest Glen neighborhood since opening in 2005.

Regulators stress there will be little or no interruption in service for customers.

“While it is unfortunate that the bank was operated in an unsafe and unsound manner, leaving us no choice but to close it, we want to stress that not one depositor will lose a penny as a result of this action,” IDFPR Director of Banking Michael Mannion said in the statment.

“At the time of its closure, the bank had approximately $95 million in assets and operated one location in Chicago,” he said.

Republic Bank of Chicago will immediately take over and operate Edgebrook as a branch of its own bank, honoring all in-transit checks and causing no interruption of ATM services, according to IDFPR.

Edgebrook Bank is the seventh bank to be closed this year by the FDIC in Illinois.

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