by Calculated Risk on 6/04/2010 06:08:00 PM

From the FDIC: FDIC Approves the Payout of the Insured Deposits of Arcola Homestead Savings Bank, Arcola, Illinois

The FDIC was unable to find another financial institution to take over the banking operations of Arcola Homestead Savings Bank....

As of March 31, 2010, Arcola Homestead Savings Bank had approximately $17.0 million in total assets and $18.1 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.2 million. Arcola Homestead Savings Bank is the 80th FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution closed in the state was Midwest Bank and Trust Company, Elmwood Park, on May 14, 2010.

No one wanted this one ...