Only One Bank Fails Over The Weekend, Seen As Improvement

In what proved to be a light weekend for the Federal Deposit Insurance Corporation (FDIC), only one Illinois bank was closed over the weekend, writes the American Banker website. Ravenswood Bank was the 13th bank to fail in the state this year, and 109th overall so far in 2010. The bank had $265 million in assets and the FDIC entered into an agreement with Northbrook Bank and Trust Co. to acquire the bank's deposits. It is expected to cost the FDIC fund $68.1 million.