IL: U.S. SHUTS CHICAGO BANK AFTER HUGE LOSSES : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

WASHINGTON -- Federal regulators on Friday closed a
Chicago-area thrift half-owned by the multibillionaire
Pritzker family that has been battered by huge losses
on loans to high-risk borrowers. The thrift's failure
is expected to cost the federal insurance fund an
estimated $500 million, according to the Federal Deposit
Insurance Corp., making it one of the costliest failures
of a U.S. financial institution. The federally insured
thrift was closed, and the FDIC was appointed as receiver.
The regulators found that Superior Bank, based in
Chicago suburb Oakbrook Terrace, had lost nearly all its
assets and had engaged in poor lending practices,
inadequate supervision of employees, and poor record

The Bergen Record

-- spider (, July 31, 2001

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