Oak Park Newspaper

Harmon Passes Resolution on Park National Bank Sale Investigation

SPRINGFIELD, Ill. - State Senator Don Harmon (D-Oak Park) passed a joint resolution urging a Congressional investigation into the FDIC's takeover
of Park National Bank through both chambers of the General Assembly this
week. The resolution urges the United States House of Representatives
Financial Services Committee and the United States Senate Committee on
Banking, Housing, and Urban Affairs to hold hearings to investigate the
FDIC's seizure of Park National Bank and the impact this action will
have on the communities that the bank served.

Illinois Representatives Karen Yarbrough, Angelo Saviano, Camille Lilly,
LaShawn Ford, Marlow Colvin and Kenneth Dunkin sponsored the bill in the
House.

"The citizens of Austin, Oak Park and our community need to know why
Park National Bank was seized and what it means for local banking here,"
Senator Harmon said.

The House Financial Institutions Committee considered the resolution in
a hearing Monday and unanimously recommended its adoption by the full
House. The House adopted it on Tuesday.

"The FDIC has seized community-based banks throughout our state, while
large banks benefited from taxpayer-funded bailouts," Harmon said. "This
resolution requests the US Congress to dig deeper in their investigation
and find out why."

Park National Bank had $3.8 billion in deposits when its 30 branches
were closed by federal and state bank regulators on October 30, 2009
along with eight other banks. According to the FDIC, the cost of the
nine banks to the Deposit Insurance Fund was a combined $2.5 billion,
and U.S. Bank's acquisition of all Park National Bank deposits was the
"least costly" resolution for the FDIC compared to alternatives.