FDIC shuts down Ravenswood Bank

August 7, 2010 12:36:50 PM PDT
Regulators have shut down a small bank in Chicago.

The Federal Deposit Insurance Corporation took over Ravenswood Bank Friday. It had roughly $264 million in assets and $269 in deposits as of June 30.

Northbrook Bank and Trust agreed to assume the assets and deposits of the failed bank.

The failure of Ravenswood Bank is expected to cost the deposit insurance fund $68 million.