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CHICAGO – The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, in cooperation with the Federal Deposit Insurance Corporation (FDIC), took possession and control of Highland Community Bank in Chicago on Friday, January 23, 2015 at 6 pm. United Fidelity Bank fsb (Evansville, Indiana) has agreed to purchase the bank, ensuring an immediate and uninterrupted transition in service for customers.

“Highland Community Bank was operating in an unsafe and unsound condition and did not have adequate capital to protect its depositors,” said Sheila Saegh Henretta, IDFPR Acting Director of Banking. “At the time of its closure, the bank had approximately $54 million in assets and operated from three locations in Chicago.”

United Fidelity Bank fsb will immediately operate Highland’s offices as branches of its own bank. No depositors will lose any money and all in-transit checks will be honored.

Highland Community Bank first opened in 1970.