Prairie State Wire

The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, in collaboration with 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 take over operations to ensure a seamless transition for customers.

IDFPR Secretary Mario Treto, Jr. 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 added that while taking control is not desirable, it ensures customers receive expected services.

Susana Soriano, Acting Director of the Division of Banking, reassured customers about their deposits: "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 stated that Millennium Bank is prepared to provide banking services to Pulaski Savings Bank's customers.