by Calculated Risk on 9/04/2009 08:08:00 PM

Lustre of pyrite
Platinum Bank now fools gold
Shut by tin star Fed
by Soylent Green is People
From the FDIC: FDIC Approves the Payout of Insured Deposits of Platinum Community Bank, Rolling Meadows, Illinois

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Platinum Community Bank, Rolling Meadows, Illinois. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.

The FDIC will mail customers checks for their insured funds on Tuesday, September 8. Platinum Community Bank, as of August 29, 2009, had total assets of $345.6 million and total deposits of $305.0 million.
...
Platinum Community Bank is the 88th FDIC-insured institution to fail this year and the 15th in Illinois. The last bank to be closed in the state was Inbank, Oak Forest, earlier today. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $114.3 million.

No one wanted this one. That makes four today.