The Federal Deposit Insurance Corporation (FDIC) has been appointed receiver for Pulaski Savings Bank, Chicago, after the Illinois Department of Financial and Professional Regulation closed the bank, and has executed a purchase and assumption agreement under which Millennium Bank, Des Plaines, will assume all deposits. The failed bank’s sole office is to reopen as a Millennium Bank branch on 18 January 2025, and depositors will automatically become Millennium Bank customers with continued FDIC insurance coverage. Customers will have immediate access to deposits and can continue to write checks and use ATMs and debit cards, while loan customers should continue making payments as usual. As of 30 September 2024, Pulaski reported USD 49.5 million in assets and USD 42.7 million in deposits; Millennium agreed to assume the deposits for a 4.61% premium and to purchase approximately USD 45.0 million of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition. The FDIC preliminarily estimates the failure will cost the Deposit Insurance Fund about USD 28.5 million, and cited suspected fraud as a factor behind the higher estimated cost; Pulaski is the first US bank failure of 2025.
Federal Deposit Insurance Corporation 2025-01-17
Federal Deposit Insurance Corporation arranges Millennium Bank assumption of Pulaski Savings Bank deposits with USD 28.5 million estimated DIF cost
The FDIC is appointed receiver for Pulaski Savings Bank, Chicago, after its closure by the Illinois Department of Financial and Professional Regulation. Millennium Bank, Des Plaines, will assume all deposits and reopen the bank's sole office as a Millennium branch on 18 January 2025. The FDIC estimates the failure will cost the Deposit Insurance Fund about USD 28.5 million, citing suspected fraud as a factor.