Illinois Department of Financial and Professional Regulation, division of banking has closed Illinois-based InBank, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. However, to protect the depositors, the FDIC has entered into a purchase and assumption agreement with Chicago-based MB Financial Bank, National Association, to assume all of the deposits of InBank, except certain brokered deposits.
Reportedly, the three branches of InBank will reopen as branches of MB Financial Bank. The depositors of InBank will become depositors of MB Financial Bank, and deposits will continue to be insured by the FDIC. Customers can continue to use their existing branches until MB Financial Bank fully integrate the deposit records of InBank. The depositors of InBank can access their money by writing checks or using ATM or debit cards.
As of August 3, 2009, InBank had total assets of $212 million and total deposits of approximately $199 million. In addition to assuming the deposits of the failed bank, MB Financial Bank, agreed to purchase essentially all of the assets.
