Failed Bank List

Closed Friday, July 8, 2011 · Chicago, Cook County, Illinois

First Chicago Bank & Trust

First Chicago Bank & Trust's founding in 1905 put it past its 100th year when it closed. In the three years to the third quarter of 2008, its assets grew 179%. In 2011 regulators closed 9 banks in Illinois; this was the fifth.

On the books, 2003 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$400M$800M$1.2B$1.6B2004200520062007200820092010Closed
Total assets peaked at $1.3 billion and were 32% lower at the final report. Equity capital went from 7.7% of assets in the third quarter of 2003 to 1.1% at the last report. By then 21% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $108 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$120M−$120M2003: $3.7 million20037.5%2004: $1.7 million20047.7%2005: $4.2 million20057.4%2006: $4.2 million200616%2007: $9.4 million200716%2008: −$41.7 million200812%2009: −$108 million20097.6%2010: −$92.2 million20102.2%2011: −$13.1 million2011*1.1%
* 2011: January to June only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; First Chicago Bank & Trust in red.

By assets it ranked ninth of the 92 failures in 2011. Within Illinois it ranks 16th by size of the 185 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 201st of 2,944 failures since 1934. In the size ranking of that year, just above it was Bank of Choice of Greeley, Colorado ($954 million, loss 14% of assets); just below, The Park Avenue Bank of Valdosta, Georgia ($849 million, loss 25% of assets). Every 2011 failure in the explorer.

Two other banks closed that day; the largest was Colorado Capital Bank of Castle Rock, Colorado, at $666 million.

Failures in Illinois

The previous failure there was Western Springs National Bank and Trust of Western Springs, on April 8, 2011. The next was Bank of Shorewood of Shorewood, on August 5, 2011. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: Community First Bank - Chicago (2011), Western Springs National Bank and Trust (2011), All American Bank (2011), Charter National Bank and Trust (2012), New City Bank (2012).

Bank failures in Illinois per year, 1980 to 2026061218241980: 11981: 31982: 61983: 81984: 51985: 21986: 31987: 31988: 11989: 231990: 181991: 81992: 51993: 12000: 12001: 12002: 12008: 12009: 212010: 162011: 92012: 82013: 12014: 52015: 22017: 32025: 12026: 119801990200020102020
Per year since 1980, 2011 in red. Every Illinois failure

The acquiring bank

Northbrook Bank & Trust Company of Northbrook, Illinois took over four failed banks between 2000 and 2026. The others:

All 4 banks it took over.

  • Lincoln Park Savings BankChicago, IL · April 23, 2010
  • Ravenswood BankChicago, IL · August 6, 2010
  • Community First Bank - ChicagoChicago, IL · February 4, 2011

FDIC certificate 27935 · loss estimate as of July 31, 2026 · How to read this page