WASHINGTON — Pulaski Savings Bank of Chicago, Ill. was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Ill., to assume all deposits of Pulaski Savings Bank.
The sole office of Pulaski Savings Bank will reopen as a branch of Millennium Bank during its normal business hours on Sat., Jan. 18, 2025. Depositors of the failed bank will automatically become depositors of Millennium Bank. The deposits assumed by Millennium Bank will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.
Customers of Pulaski Savings Bank will have immediate access to their deposits. Over the weekend, they can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Customers with questions should contact the FDIC toll-free at 1-866-314-1744 or visit the FDIC’s website. This phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 7:00 p.m.; on Sunday from 10:00 a.m. to 6:00 p.m.; Monday from 10:00 a.m. to 6:00 p.m.; Tuesday from 9:00 a.m. to 7:00 p.m.; and thereafter from 9:00 a.m. to 5:00 p.m.
As of Sept. 30, 2024, Pulaski Savings Bank reported total assets of $49.5 million and total deposits of $42.7 million. Millennium Bank agreed to assume all deposits at the time of closing for a 4.61 percent premium. It will also purchase approximately $45.0 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $28.5 million. The estimate will change over time as assets are sold. Suspected fraud caused the higher estimated cost to the DIF.
Pulaski Savings Bank is the first bank to fail in the nation this year. The last bank failure was The First National Bank of Lindsay, in Lindsay, Okla. on Oct. 18, 2024. The last failure in Illinois was Washington Federal Bank for Savings in Chicago, Ill. on Dec. 15, 2017.
Source: Millennium Bank, Des Plaines, Ill. Assumes All Deposits of Pulaski Savings Bank, Chicago,
