First Dupage Bank, Westmont, Illinois, was closed October 23, 2009 by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the FDIC as receiver. First Midwest Bank, Itasca, Illinois will assume all of the deposits of First Dupage Bank.

As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. First Midwest Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Dupage Bank. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on approximately $247 million of First Dupage Bank's assets. First Midwest Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million.

First Dupage Bank is the 106th FDIC-insured bank failure in the Nation this year, and the seventeenth in Illinois.

Cert # 35038

Sinclair Noe

Bank-o-meter.com

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