Washington — In a shocking move, Pulaski Savings Bank of Chicago, Illinois, was shut down by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Illinois, to assume all deposits of Pulaski Savings Bank.
The sole office of Pulaski Savings Bank will reopen as a branch of Millennium Bank during its normal business hours on Saturday, January 18, 2025. Depositors of the failed bank will automatically become depositors of Millennium Bank.
The deposits assumed by Millennium Bank will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.
Customers of Pulaski Savings Bank will have immediate access to their deposits. Over the weekend, they can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $28.5 million.
Pulaski Savings Bank is the first bank to fail in the nation this year. The last bank failure was The First National Bank of Lindsay, in Lindsay, Oklahoma, on October 18, 2024.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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