FDIC Shuts Down Ravenswood Bank

By Anna Deem in News on Aug 8, 2010 6:30PM

The Federal Deposit Insurance Corp. shut down Ravenswood Bank on Friday reported the Chicago Sun-Times, making it the 23rd Chicago area bank to be closed since the beginning of 2009. All of Ravenswood's accounts will be handed over to Northbrook Bank & Trust Co. Northbrook's takeover involves a loss-sharing agreement with Ravenswood, which the FDIC estimated will cost close to $68.1 million. On Saturday, both of Ravenswood's two branches--2300 W. Lawrence and 320 E. Northwest Hwy. in Mount Prospect--reopened as Northbrook Bank locations. The last bank closed by the FDIC was Midwest Bank in May.