Failed Banks List: Heartland Tri-State Bank, First Republic Bank, Signature Bank, and Silicon Valley Bank
Banks Closed by Regulators
The Illinois Department of Financial and Professional Regulation (IDFPR) has announced the closure of four banks: Heartland Tri-State Bank, First Republic Bank, Signature Bank, and Silicon Valley Bank.
The closures follow a period of supervisory actions by state and federal regulators. The IDFPR determined that the banks were in an unsafe and unsound condition and could not continue to operate without posing a risk to depositors and the financial system.
Citizens Bank Remains Open
Citizens Bank, which is not affiliated with the failed banks, remains open and operating normally. As of September 30, 2023, Citizens Bank reported approximately $66 million in total assets and $59 million in total deposits.
The assets and deposits of Citizens Bank, which amounted to $65,558,000 and $58,930,000, respectively, have been transferred to another financial institution.
Depositors of the failed banks are encouraged to contact the FDIC (Federal Deposit Insurance Corporation) to learn more about their deposit insurance coverage.
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