Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Peotone Bank and Trust Company, headquartered in Peotone, Illinois, and the FDIC was appointed receiver.

Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Broadway Bank , headquartered in Chicago, Illinois, and New Century Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver for both banks.

Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Citizens Bank&Trust Company of Chicago, headquartered in Chicago, Illinois, and the FDIC was appointed receiver.

Although courts are generally reluctant to equitably subordinate claims of non-insiders, the United States Bankruptcy Court for the District of Montana recently did just that to the claims of a non-insider lender based on overreaching and self-serving conduct in Credit Suisse v. Official Committee of Unsecured Creditors (In Re Yellowstone Mt. Club, LLC), Case No. 08-61570-11, Adv. No. 09-00014 (Bankr. D. Mont. May 13, 2009).