On Friday, Waukegan Savings Bank in Waukegan, Ill. was closed. All bank customers will have their accounts transferred to First Midwest Bank of Itasca, Ill. Starting Monday, all branches of the failed Waukegan Savings Bank will carry the First Midwest logo.
Depositors can expect no problems with conducting their regular banking transactions. Borrowers should make their loan payments as usual.
Waukegan Savings Bank is the 40th bank to fail in 2012 and the sixth to do so in the state of Illinois. As of March 30, 2012, the bank has $88.9 million in assets and $77.5 million in deposits.