Regulators shut down Palos Bank and Trust

August 14, 2010 2:43:05 PM PDT
Regulators have shut down a suburban bank after it joined the growing list of banks that have failed.

On Friday, the Federal Deposit Insurance Corporation took over Palos Heights-based Palos Bank and Trust Company.

The number of U.S. banks to fail amid mounting loan defaults is at 110, and 14 of them are in Illinois.

The five branches of Palos Bank reopened Saturday as First Midwest Bank, which agreed to assume the assets and deposits of the failed bank.