Prairie State Wire

The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, alongside the Federal Deposit Insurance Corporation (FDIC), has assumed control of Pulaski Savings Bank in Chicago. The action was taken due to the bank's unsafe condition and impaired capital position. Millennium Bank, an Illinois-chartered Minority Depository Institution, will purchase Pulaski Savings Bank, ensuring a seamless transition for customers and securing their deposits.

Mario Treto, Jr., Secretary of IDFPR, emphasized the importance of maintaining the integrity of state-chartered financial institutions. "As a key component of Illinois’ regulatory structure, it is critical for IDFPR to safeguard the integrity of operations of state-chartered financial institutions across the Land of Lincoln," he stated. "While we never aspire to take control or possession of a bank, this crucial step will ensure customers receive the service they deserve and have come to expect."

Susana Soriano, Acting Director of the Division of Banking, reassured depositors about their funds' safety. "We want to stress that not one customer with deposits at Pulaski Bank will lose a penny as a result of the steps taken today," she said. She added that Millennium Bank is prepared to provide banking services to Pulaski Savings Bank's customers.