New City Bank fails

March 9, 2012 4:15:28 PM PST
The New City Bank on South Michigan Avenue has failed and has been taken over by the federal government.

According to Crain's Chicago Business, indicted Cook County Commissioner William Beavers is vice chairman of the bank.

The FDIC will pay back depositors up to the $250,000 limit at which the government insures deposits.


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