DuPage National Bank has become the country’s first federally insured bank to fail this year when federal regulators closed the West Chicago-based bank Friday.
Oak Brook-based Republic Bank of Chicago has assumed all deposits and assets at the failed bank’s three branches in West Chicago and Hinsdale, according to a release from Republic Bank of Chicago.
The shuttered branches reopened Saturday under the Republic Bank banner, the company’s release states. The full conversion should take several months.
“We want our new customers to understand that their deposits are safe and sound and it will be business as usual when it comes to continuing their banking at the West Chicago and Hinsdale locations,” said William Sperling, Republic Bank vice chairman, president and CEO, in the release.
Customers will be notified when the transition is complete, at which time they will have access to Republic Bank’s website, 19 locations and ATM network.
The transition should not impact customer ability to access money from their accounts, according to a release from the Federal Deposit Insurance Corporation, or FDIC.
DuPage National Bank had about $61.7 million in total assets and $59.6 million in total deposits as of Sept. 30 of last year, the FDIC release states. Republic Bank agreed to pay the FDIC a 1.2 percent premium to assume all of the failed bank’s deposits.
The last FDIC-insured bank to close in Illinois was Covenant Bank in Chicago, according to the FDIC. That bank closed on Feb. 15 of last year.
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