Midwest Bank closed by regulators

May 14, 2010 8:03:40 PM PDT
Midwest Bank and Trust was closed by federal regulators Friday night.

Locations for the former Elmwood Park-based bank will reopen Saturday as branches of FirstMerit Bank during regular business hours.

FirstMerit has assumed all of Midwest's deposits, which continue to be insured by the FDIC.

Customers can still use their current checkbooks and bank cards.

70 banks have failed in the U.S. this year.