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The Office of the Comptroller of the Currency closed Shorewood, Illinois-based Bank of Shorewood on August 5, 2011. To protect depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company of Bloomington to assume all of the deposits of Bank of Shorewood.
You can read the FDIC Press Release here.
On Tuesday, August 2, 2011, the Will County Treasurer’s Office mailed a letter suspending Bank of Shorewood from its Deputy Tax Collector Program.
Suspension as a County Collector means that Bank of Shorewood can no longer accept real estate property tax payments on behalf of Will County. It does not impair, however, your institution’s ability to collect property tax payments in any other Illinois county.
We are suspending your financial institution for the following reason(s):
- Bank of Shorewood failed our internal policy monitor tests for both capital adequacy and the “Texas” ratio.
The information we used to make these calculations comes from the quarterly call report on file with the Federal Financial Institutions Examination Council (FFIEC) as of June 30, 2011.
On Friday, August 5, 2011, the Will County Treasurer’s Office converted its account at the Bank of Shorewood to a non-interest bearing Demand Deposit Account which affords unlimited FDIC protection on all deposits. The Treasurer’s Office had no advance warning of the decision to close the Bank of Shorewood.
Heartland Bank and Trust Company is not an approved County Depository for the Will County Treasurer’s Office. As a result, the office will move to close its account with the former Bank of Shorewood.
Will County held no deposits with Bank of Shorewood above the $250,000 FDIC insurance limit at the time the Comptroller closed the financial institution.