Each depositor insured to at least $250,000 per insured bank

Failed Bank Information

Information for Waukegan Savings Bank, Waukegan, IL

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
         En Español
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Purchase and Assumption Agreement (3.95 mb PDF File - PDF Help)
  12. Bid Summary
  13. Waukegan Savings Bank Contact Information
  14. Balance Sheet Summary

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.

I.  Introduction

On Friday, August 3, 2012, Waukegan Savings Bank, Waukegan, IL was closed by the Illinois Department of Financial & Professional Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

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II.  Press Release

The FDIC has issued a press release (PR-090-2012) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.

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III.  Acquiring Financial Institution

All deposit accounts have been transferred to First Midwest Bank, Itasca, IL ("assuming institution") and will be available immediately. The former Waukegan Savings Bank locations will reopen as branches of First Midwest Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at First Midwest Bank for six months after the failure of Waukegan Savings Bank. Checks that were drawn on Waukegan Savings Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-823-3215.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First Midwest Bank as long as the deposits are not pledged as collateral for loans. You may view more information about First Midwest Bank by visiting their web site.

First Midwest Bank (www.firstmidwest.com)

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V.  Banking Services

The Automated Teller Machines (ATM) and online service will remain available.

The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, August 3, 2012 will be paid at your same rate. First Midwest Bank will be reviewing rates. You will be notified of any changes.

Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.

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VI.  Loan Customers

If you had a loan with Waukegan Savings Bank, you should continue to make your payments as usual.  The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of First Midwest Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

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VII.  Possible Claims Against the Failed Institution

TO THE CREDITORS OF THE FAILED INSTITUTION

All creditors having claims against the Failed Institution must submit their claims in writing, together with proof of the claims, to the Receiver on or before 11/13/12 (the "Claims Bar Date"). An official Proof of Claim form and instructions can be obtained by addressing written correspondence to:

FDIC as Receiver for Waukegan Savings Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claims Agent

Please note: There are time limits for filing a claim, your claim must be filed on or before . Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

If you or your company provided a service or product, leased space, furniture, or equipment to Waukegan Savings Bank prior to August 3, 2012 and have not been paid, you may have a claim against Waukegan Savings Bank.

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

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VIII.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
Back to top IX.  Dividend Information  

Dividend History on Waukegan Savings Bank

Dividend Information on Failed Financial Institutions


X.  Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide

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General Disclaimer


Last Updated 10/11/2012 cservicefdicdal@fdic.gov