1 Bank Closed; 1 CU Conserved

104 Institutions Have Failed so Far in 2011
1 Bank Closed; 1 CU Conserved
One bank was closed and one credit union was placed into conservatorship Oct. 28 by state and federal banking regulators. These failures bring the year's tally to 104 failed institutions.

The latest failures:

All American Bank, Des Plaines, Ill.

All American Bank, Des Plaines, Ill., was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with International Bank of Chicago, Chicago, to assume all of the deposits of All American Bank.

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As of June 30, All American Bank had approximately $37.8 million in total assets and $33.4 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $6.5 million.

Birmingham Financial Federal Credit Union of Birmingham, Ala.

The National Credit Union Administration assumed control of service and operations at Birmingham Financial Federal Credit Union of Birmingham, Ala. While continuing normal member services in a new location, NCUA will work to resolve issues affecting the institution.

The credit union reported assets at $1.3 million as of June 30.

Deposits at Birmingham Financial FCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Birmingham Financial FCU up to $250,000.

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