Closed Friday, March 9, 2012 · Chicago, Cook County, Illinois
New City Bank
No bank took over New City Bank's deposits: the FDIC paid insured depositors directly. Equity capital was below zero at its last report. In 2012 regulators closed 8 banks in Illinois; this was the second.
On the books, 2004 to 2011
Total assets peaked at $103 million in the fourth quarter of 2008 and were 31% lower at the final report. Equity capital had covered 35% of assets in the first quarter of 2004. By then 28% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $9.2 million, was booked in 2011.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; New City Bank in red.
By assets it ranked 42nd of the 51 failures in 2012. Within Illinois it ranks 91st by size of the 185 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Central Florida State Bank of Belleview, Florida ($71.5 million, loss 19% of assets); just below, First East Side Savings Bank of Tamarac, Florida ($65.7 million, loss 19% of assets). Every 2012 failure in the explorer.
Failures in Illinois
The previous failure there was Charter National Bank and Trust of Hoffman Estates, on February 10, 2012. The next was Premier Bank of Wilmette, on March 23, 2012. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: First Chicago Bank & Trust (2011), All American Bank (2011), Charter National Bank and Trust (2012), Premier Bank (2012), Second Federal Savings and Loan Association of Chicago (2012).