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Pulaski Savings Bank fails, Millennium Bank assumes deposits
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Illinois bank Pulaski Savings Bank fails
Chicago-based Pulaski Savings Bank failed on Jan. 17. The Illinois Department of Financial and Professional Regulation closed the bank and appointed the FDIC as receiver. The FDIC then entered a purchase-and-assumption agreement with Des Plaines, Ill.-based Millennium Bank to assume all deposits of Pulaski Savings Bank. Millennium Bank also agreed to acquire $45 million of Pulaski Savings Bank assets, with the FDIC keeping the remaining assets …
According to the National Bank, the proposals on the table in the House to adjust the favourable tax regime on savings accounts are unlikely to endanger financial stability. But banks will need at least two years to adjust their offerings, it sounds.
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