Archive for June, 2009
After a quiet Friday last week, the FDIC has closed down a bank in Illinois today. I’ll update if there are more closures this afternoon. The press release is below:
Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, 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.
Bank of Lincolnwood’s two offices will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of Bank of Lincolnwood will automatically become depositors of Republic Bank of Chicago. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank of Chicago can fully integrate the deposit records of Bank of Lincolnwood.
Over the weekend, depositors of Bank of Lincolnwood can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of May 26, 2009, Bank of Lincolnwood had total assets of approximately $214 million and total deposits of $202 million. Republic Bank of Chicago agreed to purchase approximately $162 million in assets. The FDIC will retain the remaining assets for later disposition.
Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-591-6727. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Customers who would like more information about today’s transaction can also visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/lincolnwood.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83 million. Republic Bank of Chicago’s acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Bank of Lincolnwood is the 37th FDIC-insured institution to fail in the nation this year and the sixth in Illinois. The last bank to fail in the state was Citizens National Bank, Macomb, on May 22, 2009.
Here’s a press release about two local companies working together to improve productivity:
Bellingham, Wa (PRWEB) Ryzex today (June 3) announced that Bellingham Cold Storage (BCS), the largest portside refrigerated storage company on the West Coast, has selected a portable barcode scanner solution from Ryzex and Psion Teklogix to increase productivity, lower the risk of errors and provide a better value for their customers – all at the lowest total cost of ownership.
With increased emphasis on food safety, illustrated by the recent introduction of the Produce Traceability Initiative, it’s more important than ever that BCS guarantee their customers’ perishable products are handled efficiently and documented properly. While BCS maintains high standards and was able to meet this customer requirement, an upgraded barcode system improves their tracking capabilities, giving them a distinct competitive advantage.
“By partnering with Ryzex, BCS now has a solution that surpasses our customers’ needs and reduces our operational costs”, says Nancy Waterman, IT Manager for BCS.
Working with Psion Teklogix, Ryzex helped BCS choose the best handheld barcode scanner solution for their needs. BCS wanted a rugged mobile computer that could withstand their unusually harsh environment. With a high drop rating, extreme temperature capabilities and ergonomic design, the Psion Teklogix 7530 and 7535 from the Psion series were ideal.
BCS is now able to offer better solutions to their customers. With a more dependable system, increased productivity, efficiency and accuracy, BCS can lower operational costs by reducing the risk of errors and standardizing their operations.
Ryzex is a full-service mobile technology company, focusing on automated data collection (ADC) solutions. With 20 years in business, more than 6,000 customers worldwide rely on Ryzex products and services, getting maximum lifetime return on their barcode, RFID and ADC systems. Products include new and refurbished devices, repair, buyback and rental programs, and installation and integration services. Ryzex sells equipment from all major data collection manufacturers and has 350 employees across North America and Europe. www.ryzex.com
About Psion Teklogix
Psion Teklogix specializes in making mobile workers more productive by producing rugged wireless barcode scanners. It is the main operating company of Psion Group, a public company on the London Stock Exchange. Headquartered in Mississauga, Ontario, Canada with corporate offices located in Europe, the United States, Asia, Latin America and the Middle East, Psion Teklogix operates in over 80 countries. www.psionteklogix.com
About Bellingham Cold Storage
Bellingham Cold Storage (BCS) is a full-service public refrigerated warehousing company located in Bellingham, Washington, USA, near the Canadian border. BCS stores and handles a wide variety of frozen and chilled products including seafood, vegetables, fruits, and meats. Besides warehousing, the company provides services such as freezing, boxing, sale of ice, ship loading / unloading, and cargo pooling. www.bellcold.com
In 2008 Washington state’s Gross Domestic Product rose 2 percenty year-over-year, making it one of the few states experiencing decent growth. It ranked 10th highest in the U.S.
In the U.S., GDP grew 0.7 percent in 2008, according to the Bureau of Economic Analysis. The state with the biggest jump was North Dakota, rising 7.3 percent year-over-year. Alaska was at the bottom of the list, contracting by 2 percent.
GDP includes a variety of measures, including what consumers, businesses and government spend on goods and services.
There were 61 Whatcom County bankruptcy filings in May, down from 77 in April, according to data from the U.S. Bankruptcy Court Western District office in Seattle.
While it’s nice to see a drop, the May filing total is still among the highest Whatcom County has seen in the past four years. In May 2008, there were 36 filings.
In Skagit County, there were 47 bankruptcy filings in May, up from 22 the same time last year.