On January 17th, the Federal Deposit Insurance Corporation (FDIC) announced the closure of the Chicago, Illinois, bank Pulaski Savings Bank.
“The FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Ill., to assume all deposits of Pulaski Savings Bank,” the FDIC noted in its press release.
It added:
As of Sept. 30, 2024, Pulaski Savings Bank reported total assets of $49.5 million and total deposits of $42.7 million. Millennium Bank agreed to assume all deposits at the time of closing for a 4.61 percent premium. It will also purchase approximately $45.0 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $28.5 million. The estimate will change over time as assets are sold. Suspected fraud caused the higher estimated cost to the DIF.
Read the rest of the report for free below:
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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