FDIC closes bank in Illinois bringing total bank closures for 2014 to 7

By Kenneth Schortgen Jr

AztecAmerica Bank, located in Berwyn, IL, was closed down by the FDIC on Friday, May 16. This bank failure is the first one in the month of May and brings the total amount of bank closures in 2014 to seven.

5/16/2014 *** IL *** Berwyn *** AztecAmerica Bank *** $18.0 million dollar estimated FDIC DIF cost.

The total DIF for failed banks this week is $18.0 million.

If you were banking at AztecAmerica Bank in Berwyn, IL, you are now banking at the Republic Bank of Chicago.

For more on the FDIC bank closure lists you can go to the FDIC website and search through their report of failed banks,credit unions, and Trusts.

In 2013, there were a total of 24 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.

Entering 2014, there are nearly 1000 banks and other financial organizations on the troubled list due to mortgages, derivatives, and bad investments.

At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2014 could reach 16.