Closed Friday, September 4, 2009 · Rolling Meadows, Cook County, Illinois
Platinum Community Bank
No bank took over Platinum Community Bank's deposits: the FDIC paid insured depositors directly. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. In 2009 regulators closed 21 banks in Illinois; this was the 15th.
On the books, 2001 to 2009
Total assets were at their highest of these 32 quarters in the final report, for the second quarter of 2009. Equity capital went from 12% of assets in the third quarter of 2001 to 24% at the last report. By then 15% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in six of its final nine reporting years. The deepest annual loss, $7.9 million, was booked in 2007.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Platinum Community Bank in red.
By assets it ranked 100th of the 140 failures in 2009. Within Illinois it ranks 61st by size of the 185 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was First National Bank of Danville of Danville, Illinois ($148 million, loss 16% of assets); just below, ebank of Atlanta, Georgia ($145 million, loss 35% of assets). Every 2009 failure in the explorer.
Regulators closed five banks that day. The largest of the others was Vantus Bank of Sioux City, Iowa, at $504 million.
Failures in Illinois
The previous failure there was Mutual Bank of Harvey, on July 31, 2009. The next was Corus Bank, N.A. of Chicago, on September 11, 2009. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: Mutual Bank (2009), InBank (2009), Corus Bank, N.A. (2009), Park National Bank (2009), Community Bank of Lemont (2009).