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Bank Failure #13 in 2012: New City Bank, Chicago, Illinois


“They built this City…
… Playing corporation games
Write us off the page”

Excerpted by Soylent Green is People from M.Page, B. Taupin, D. Lambert, and P.Wolf.

From the FDIC: FDIC Approves the Payout of the Insured Deposits of New City Bank, Chicago, Illinois
As of December 31, 2011, New City Bank had .2 million in total assets and .4 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be .4 million. New City Bank is the thirteenth FDIC-insured institution to fail in the nation this year, and the second in Illinois.

No one wanted this one!

Earlier on Employment:
• February Employment Report: 227,000 Jobs, 8.3% Unemployment Rate
• Employment Summary and Discussion
• All Employment Graphs

Note: I’m frequently asked how the Great Depression would look on the percent job losses graph, here it is: Percent Job Losses: Great Recession and Great Depression

Calculated Risk

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