Press Release: Millennium Bank, Des Plaines, Ill. Assumes All Deposits of Pulaski Savings Bank, Chicago, Ill.
PRESS RELEASE | JANUARY 17, 2025
Millennium Bank, Des
Plaines, Ill. Assumes All Deposits of Pulaski Savings Bank, Chicago,
Ill.
WASHINGTON — Pulaski Savings Bank of Chicago, Ill. was
closed today by the Illinois Department of Financial and Professional
Regulation, which appointed the Federal Deposit Insurance Corporation
(FDIC) as receiver. To protect depositors, the FDIC entered into a
purchase and assumption agreement with Millennium Bank of Des Plaines,
Ill., to assume all deposits of Pulaski Savings Bank.
The sole
office of Pulaski Savings Bank will reopen as a branch of Millennium
Bank during its normal business hours on Sat., Jan. 18, 2025.
Depositors of the failed bank will automatically become depositors of
Millennium Bank. The deposits assumed by Millennium Bank will continue
to be insured by the FDIC, so there is no need for customers to change
their banking relationship.
Customers of Pulaski Savings Bank
will have immediate access to their deposits. Over the weekend, they
can access their deposits by writing checks or using ATM or debit
cards. Checks drawn on the bank will continue to be processed. Loan
customers should continue to make their payments as
usual.
Customers with questions should contact the FDIC toll-
free at 1-866-314-1744 or visit the FDIC’s website. This phone number
will be operational this evening until 9:00 p.m., Central Time (CT);
on Saturday from 9:00 a.m. to 7:00 p.m.; on Sunday from 10:00 a.m. to
6:00 p.m.; Monday from 10:00 a.m. to 6:00 p.m.; Tuesday from 9:00 a.m.
to 7:00 p.m.; and thereafter from 9:00 a.m. to 5:00 p.m.
As of
Sept. 30, 2024, Pulaski Savings Bank reported total assets of $49.5
million and total deposits of $42.7 million. Millennium Bank agreed to
assume all deposits at the time of closing for a 4.61 percent premium.
It will also purchase approximately $45.0 million of the failed bank’s
assets. The FDIC will retain the remaining assets for later
disposition.
The FDIC preliminarily estimates that the failure
will cost its Deposit Insurance Fund (DIF) about $28.5 million. The
estimate will change over time as assets are sold. Suspected fraud
caused the higher estimated cost to the DIF.
Pulaski Savings
Bank is the first bank to fail in the nation this year. The last bank
failure was The First National Bank of Lindsay, in Lindsay, Okla. on
Oct. 18, 2024. The last failure in Illinois was Washington Federal
Bank for Savings in Chicago, Ill. on Dec. 15,
2017.
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