COVENANT BANK Failed 2013
What happened
COVENANT BANK of CHICAGO, IL was closed on 2013-02-15. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to LIBERTY BANK AND TRUST COMPANY (NEW ORLEANS, LA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 4036
- FDIC Certificate
- 22476
- FDIC FIN
- 10470
- Bank name
- COVENANT BANK
- Location
- CHICAGO, IL
- Failure date
- 2013-02-15
- FDIC resolution date
- 2013-02-15
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $20M
- Deposits at failure
- $54M
- Assets at failure
- $58M
- Acquiring bank
- LIBERTY BANK AND TRUST COMPANY (NEW ORLEANS, LA)
Other banks LIBERTY BANK AND TRUST COMPANY acquired in FDIC resolutions