Illinois Department of Financial and Professional Regulation, Division of Banking, has closed Founders Bank. It has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The PrivateBank and Trust Company, to assume all of the deposits of Founders Bank.
Following this closure the eleven offices of Founders Bank will be reopened as branches of The PrivateBank and Trust Company. According to the FDIC, the depositors of Founders Bank will automatically become depositors of The PrivateBank and Trust Company.
Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage and customers can continue to use their existing branches until The PrivateBank and Trust Company can fully integrate the deposit records of Founders Bank.
