Failed Bank List

Closed Friday, April 23, 2010 · Naperville, Will County, Illinois

Wheatland Bank

Wheatland Bank failed three years after it opened in 2007. In the three years to the first quarter of 2009, its assets grew 1,298%. Equity capital was below zero at its last report.

On the books, 2007 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M20082009Closed
Total assets peaked at $489 million and were 10% lower at the final report. Equity capital had covered 58% of assets in the first quarter of 2007. By then 47% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the four reporting years on file before it closed. The deepest annual loss, $43.6 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−$60M2007: −$2.2 million200720%2008: −$4.3 million20087.9%2009: −$43.6 million2009neg.2010: −$3.0 million2010*neg.
* 2010: January to March only, the last report before closing.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; Wheatland Bank in red.

By assets it ranked 52nd of the 157 failures in 2010. Within Illinois it ranks 28th by size of the 185 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. Ranked by estimated loss, it is 205th of 2,944 failures since 1934. In the size ranking of that year, just above it was The Peoples Bank of Winder, Georgia ($447 million, loss 23% of assets); just below, First Federal Bank of North Florida of Palatka, Florida ($440 million, loss 2.7% of assets). Every 2010 failure in the explorer.

Regulators closed seven banks that day. The largest of the others was Amcore Bank, National Association of Rockford, Illinois, at $3.1 billion.

Failures in Illinois

In 2010 regulators closed 16 banks in Illinois; this was the seventh. The previous failure there was Bank of Illinois of Normal, on March 5, 2010. The next was Midwest Bank and Trust Company of Elmwood Park, on May 14, 2010. Will County has 5 failed banks on FDIC record since 1934. The others: Home Federal Savings and Loan Association of Joliet (1989), Peotone Bank and Trust Company (2010), Bank of Shorewood (2011), First United 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, 2010 in red. Every Illinois failure

FDIC certificate 58429 · loss estimate as of July 31, 2026 · How to read this page