The FDIC is on a pace to close more banks this year than the 140 it closed nationwide last year. The most recent banks to close in Illinois are the Arcola Homestead Savings Bank on June 4 and Elmwood Park's Midwest Trust & Savings Bank on May 14.
Last year, 21 banks closed in Illinois. So far this year, 12 have closed in Illinois.
Chicago's ShoreBank was close to being on that list and still is on tenterhooks even after applying for funds from the recently terminated Troubled Asset Relief Program.
Last month, local Tea Party leader Steve Stevlic led a protest against any bailout for ShoreBank. "The reason that ShoreBank is being bailed out with taxpayer money is because of their political connections," Stevlic said.
But others have voiced concerns about a years-long trend of large banks gobbling up community banks. And ShoreBank supporters point out that the bank has a long history of benefitting the community -- which is both the strength of community banks and one reason it is able to attract capital now.
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