Updated: September 30, 2012 9:40PM
State regulators on Friday closed First United Bank in Crete, with New Lenox-based Old Plank Trail Community Bank assuming First United’s deposits.
Regulators said that First United’s five branches will reopen during normal business hours Saturday as Old Plank Trail locations. Including Crete, First United has branches in Steger, two in Frankfort and one in St. John, Ind.
Old Plank Trail is part of Wintrust Financial Corp. In addition to New Lenox, Old Plank Trail has branches in Frankfort, Mokena and Orland Park.
Wintrust said that the Federal Deposit Insurance Corp. assisted in the transaction. Wintrust said that, as of the end of June, First United had assets of about $328 million and $316 million in deposits.
Wintrust said it also entered into a loss-sharing agreement with the FDIC on certain loans and foreclosed real estate on First United’s books.
First United customers who have questions about the transaction can contact the FDIC at (800) 823-5680 or visit www.fdic.gov/bank/individual/failed/firstunited.html.