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Financial Jobs in Chicago Eliminated

Posted on August 16, 2010

With the shutdown of Ravenswood Bank, it appears more financial jobs in Chicago were eliminated.

The Chicago-based lender was just acquired by Northbrook Bank and Trust. According to a statement posted on the FDIC website, the Ravenswood aquisition was worth about $270 million in deposits and two branches.

The failure cost the FDIC’s deposit-insurance fund $68.1 million.

The total number of banks shut down by regulators this year has reached 109. Failures in 2010 will exceed those in 2009.

Ravenswood was shown to be the 13th Illinois bank shut down this year. The FDIC included 775 banks with $431 billion in assets on the confidential list of problem lenders as of March 31, an increase from 702 banks with $402.8 billion at the end of the fourth quarter.