Bank of Lincolnwood Closed by FDIC - Claim an Insured Deposit, IRA, CD or Safe Deposit Box

	Friday, June 5, 2009: Bank of Lincolnwood, Lincolnwood, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of May 26, 2009, Bank of Lincolnwood had total assets of approximately $214 million and total deposits of $202 million. The FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Bank of Lincolnwood. All deposit accounts have been transferred to Republic Bank and are available immediately. On Saturday, June 6, 2009, both former Bank of Lincolnwood locations reopened as branches of Republic Bank of Chicago. Transferred deposits will be separately insured from any accounts you may already have at Republic Bank of Chicago for six months after the failure of Bank of Lincolnwood. All interest accrued through Friday, June 5, 2009, will be paid at your same rate; however Republic Bank will be reviewing rates. Republic Bank of Chicago 2221 Camden Court Oak Brook, IL 60523 800-526-9127 http://www.republicebank.com Republic Bank of Chicago agreed to purchase approximately $162 million in assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $83 million. For additional information and assistance contact the FDIC at: 800-591-6727; or go to: http://www.fdic.gov/bank/individual/failed/lincolnwood.html
2009 FDIC Insured Failed Banks




Bank of Lincolnwood 4433 West Touhy Avenue Lincolnwood, IL 60646 http://www.bankoflincolnwood.com
Established on 2/20/1954 as Bank of Lincolnwood
Assets: $214 million
Deposits: $202 million


Cost to FDIC: $83 million

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Bank of Lincolnwood and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Bank of Lincolnwood
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
1-800-568-9161

Note: There was no publicly owned stock in Bank of Lincolnwood. If you are an equity shareholder, your shares are in Lincolnwood Bancorp, Inc., Lincolnwood, Illinois, the holding company. The interests of equity, debt holders or other creditors of Lincolnwood Bancorp, Inc. are not included in the closure or receivership of the institution. Contact: Lincolnwood Bancorp, Inc., 4433 West Touhy Ave, Suite 310, Lincolnwood, Illinois 60712

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search

History: Established on 2/20/1954