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Bank Failures

Failed Bank Information for Peotone Bank and Trust Company, Peotone, IL

On Friday, April 23, 2010, Peotone Bank and Trust Company was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking. The FDIC was named Receiver. First Midwest Bank, Itasca, IL acquired all deposit accounts.

The FDIC as Receiver for Peotone Bank and Trust Company, Peotone, IL has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on April 9, 2021 and has made all dividend distributions required by law.

Effective September 1, 2021, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

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Notice of Termination

Effective Date: September 1, 2021
Icon for Notice of Intent to Terminate

Notice of Intent to Terminate

Publication Date: April 9, 2021
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Dividend Information

Report on dividends paid
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Press Release

Official press release

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ACQUIRING INSTITUTION: FIRST MIDWEST BANK

About First Midwest Bank

All deposit accounts, including brokered deposits, were transferred to First Midwest Bank, Itasca, IL ("assuming institution"). Former Peotone Bank and Trust Company locations reopened as branches of First Midwest Bank.

Your transferred deposits were separately insured from any accounts you may have already had at First Midwest Bank for at least six months after the failure of Peotone Bank and Trust Company.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First Midwest Bank as long as the deposits are not pledged as collateral for loans.

Contacting First Midwest Bank

You can contact First Midwest Bank:

First Midwest Bank
8750 W Bryn Mawr Ave
Chicago, IL 60631

First Midwest Bank (www.firstmidwest.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF (1.4 Mb)
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Last Updated: September 7, 2021