March 10, 2012 – 7:47 am

New City Bank, Chicago, Illinois, is the thirteenth FDIC-insured institution to fail in the nation in 2012. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of New City Bank, Chicago, Illinois. The bank was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of New City Bank. The FDIC will mail checks directly to depositors of New City Bank for the amount of their insured money.

Customers with questions about today’s transaction, including those with accounts in excess of $250,000, should call the FDIC toll-free at 1-800-523-8173. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., Central Daylight Time (CDT); on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT.

If you should have any further questions please do not hesitate to visit the FDIC web page for New City Bank.