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FDIC Announces Failure of Premier Bank & Covenant Bank & Trust
The FDIC announced today that two additional community banks have failed. Premier Bank of Wilmette, IL and Covenant Bank & Trust of Rock Spring, GA are the 14th and 15th banks to fail this year.
The FDIC has entered into purchase and assumption agreements with both the International Bank of Chicago (for Premier Bank) and the Stearns Bank NA of St. Cloud, Minn. (for Covenant Bank) to assume all deposits.