Economy

Demeter

(85,373 posts)

51. Thanks, X! They sneaked that in after the usual time...

Sun Jul 27, 2014, 10:38 AM

Jul 2014

GreenChoice Bank, fsb, Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Providence Bank, LLC, South Holland, Illinois, to assume all of the deposits of GreenChoice Bank, fsb.

The three branches of GreenChoice Bank, fsb will reopen as branches of Providence Bank, LLC during their normal business hours...

As of March 31, 2014, GreenChoice Bank, fsb had approximately $72.9 million in total assets and $71.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Providence Bank, LLC agreed to purchase approximately $67.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million. Compared to other alternatives, Providence Bank, LLC's acquisition was the least costly resolution for the FDIC's DIF. GreenChoice Bank, fsb is the 14th FDIC-insured institution to fail in the nation this year, and the fourth in Illinois. The last FDIC-insured institution closed in the state was Valley Bank, Moline, on June 20, 2014.

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