The Illinois Department of Financial and Professional Regulation (IDFPR), in collaboration with the Federal Deposit Insurance Corporation (FDIC), took possession of a Bank in Chicago on Friday (1/17).
Bank Closure Highlights Regulatory Action
According to an IDFPR press release, regulators took possession of Pulaski Savings Bank on S. Morgan Street in Chicago at 6 p.m. on January 17 due to the bank’s unsafe financial condition and impaired capital position, as outlined by IDFPR officials.
Pulaski Savings Bank, which opened in 1890, had approximately $49 million in assets at its closure. According to the report, the regulatory intervention ensures that customers will experience no disruption in service or loss of deposits.
Millennium Bank Steps In
Millennium Bank, an Illinois-chartered and Minority Depository Institution, has agreed to purchase Pulaski Savings Bank. This immediate transition will allow Pulaski’s customers to maintain access to their accounts without interruption.
Millennium Bank will operate the former Pulaski Savings Bank as a branch under its name, with normal business hours resuming on Saturday, January 18, 2025…