Royal Savings Bank, Chicago, Illinois, Acquires the Insured Deposits of Washington Federal Bank for Savings, Chicago, Illinois — 2017-12-15

Washington Federal Bank for Savings, Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Royal Savings Bank, Chicago, Illinois, to assume the insured deposits of Washington Federal Bank for Savings. The two branches of Washington Federal Bank for Savings will reopen as branches of Royal Savings Bank during their normal business hours starting Saturday. Depositors of the failed bank will automatically become depositors of Royal Savings Bank. Deposits assumed by Royal Savings Bank 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.