August 13, 2010: Palos Bank and Trust Company, Palos Heights, IL
was closed by the Illinois Department of Financial and Professional
Regulation - Division of Banking.
The Federal Deposit Insurance Corporation was named receiver.
Successor Bank: All deposit accounts, including brokered deposits, have been transferred to First Midwest Bank, Itasca, Illinois. The five branches of Palos Bank and Trust Company reopened as branches of First Midwest Bank. Depositors of Palos Bank and Trust Company automatically became depositors of First Midwest Bank. First Midwest Bank
History: Established as Palos State Bank
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Depositors must establish contact or the successor bank or the FDIC to
reclaim their deposits. ►
Not every depositor in a failed bank will receive notification from the
FDIC, and there are time limits on claims of FDIC-insured bank accounts,
CDs and safe deposit boxes. By law, accounts which go unclaimed for an
extended period may be time barred, and safe deposit boxes can be drilled
and the contents sold at auction. ► Additionally, accounts transferred to
successor institutions may have lower interest rates and can lose
insurance coverage. ► It is important to understand
you may have an account at a failed institution and not know it,
either because you were a depositor at a bank acquired by an institution
that subsequently failed, or if you or a deceased family member are the
beneficial owner of a brokered fiduciary account. ► For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search
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2010 FDIC Insured Failed Banks | |
Palos Bank and
Trust Company 12600 South Harlem Avenue Palos Heights, IL 60463 |
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Established |
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Cost to FDIC: $72 million | |
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© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |