PULASKI SAVINGS BANK, CHICAGO, COLLAPSES: The beleaguered Pulaski Savings Bank of Chicago was shuttered today by the Illinois Department of Financial and Professional Regulation. In a move to protect depositors, the Federal Deposit Insurance Corporation (FDIC) struck a deal with Millennium Bank of Des Plaines, which assumed all deposits of the failed bank.
The sole branch of Pulaski Savings Bank will reemerge as a Millennium Bank location on Saturday morning. Customers of the defunct institution will retain their accounts and deposit insurance without any disruption.
Customers can access their funds immediately, using checks or ATM/debit cards. Loan obligations remain unchanged. The FDIC is available to answer questions at 1-866-314-1744 through January 18th.
Pulaski Savings Bank reported $42.7 million in deposits and $49.5 million in assets as of September 30, 2024. Millennium Bank will assume the entire deposit portfolio for a premium and purchase about $45 million in assets, with the FDIC retaining the remainder. The failure is expected to cost the DIF around $28.5 million.
This marks the first bank failure in the country this year, following the collapse of The First National Bank of Lindsay last October. Pulaski Savings Bank’s closure adds another chapter to Illinois’ banking woes, coming just months after Washington Federal Bank for Savings failed in 2017.
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