Failed Bank Information for Palos Bank and Trust Company, Palos Heights, IL
On Friday, August 13, 2010, Palos Bank and Trust Company was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking. The FDIC was named Receiver. First Midwest Bank, Itasca, IL acquired all deposit accounts.
The FDIC as Receiver for Palos Bank and Trust Company, Palos Heights, IL has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on September 4, 2020 and has made all dividend distributions required by law.
Effective February 1, 2021, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status
TERMINATED
Effective Date: February 1, 2021
Publication Date: September 4, 2020
Beware of scams!
Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
ACQUIRING INSTITUTION: FIRST MIDWEST BANK
About First Midwest Bank
All deposit accounts were transferred to First Midwest Bank, Itasca, IL ("assuming institution"). Former Palos Bank and Trust Company locations reopened as branches of First Midwest Bank.
Your transferred deposits were separately insured from any accounts you may have already had at First Midwest Bank for at least six months after the failure of Palos Bank and Trust Company.
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.
Contacting First Midwest Bank
On February 16, 2022, First Midwest Bank merged with Old National Bank.
You can contact Old National Bank:
Old National Bank
1 Main St
Evansville, IN 47708
Old National Bank (www.oldnational.com)
Transaction Documentation
Purchase & Assumption Agreement - PDF (1 Mb)
Agreement between FDIC and acquiring institution
Bid Summary
Report on the bids to purchase the failed bank