Data / Bank failures / 2013 / Covenant Bank
Covenant Bank, Chicago, IL: failed February 15, 2013
Covenant Bank in Chicago, Illinois, failed on February 15, 2013. Liberty Bank and Trust Company of New Orleans, LA, took over its deposits. It held $58.4 million in assets and $54.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $19.6 million (33.5% of its assets). By assets it was the 15th largest of 24 banks closed or assisted in 2013.
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The FDIC's record
- Closed
- February 15, 2013
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Liberty Bank and Trust Company, New Orleans, LA
- Total assets
- $58,422,000
- Total deposits
- $54,202,000
- Estimated cost to the FDIC
- $19,576,456 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 22476
Other bank failures in Illinois, 2011 to 2015
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Edgebrook Bank | Chicago | May 8, 2015 | $90 million | $90 million | $20.6 million | Republic Bank of Chicago |
| Highland Community Bank | Chicago | January 23, 2015 | $54.7 million | $53.5 million | $4.7 million | United Fidelity Bank, FSB |
| The National Republic Bank of Chicago | Chicago | October 24, 2014 | $843.1 million | $809.6 million | $54.4 million | State Bank of Texas |
| Greenchoice Bank, FSB | Chicago | July 25, 2014 | $70.3 million | $68.7 million | $18.4 million | Providence Bank, LLC |
| Valley Bank | Moline | June 20, 2014 | $456.4 million | $360 million | $47.8 million | Great Southern Bank |
| Aztecamerica Bank | Berwyn | May 16, 2014 | $66.3 million | $65 million | $21.7 million | Republic Bank of Chicago |
| Dupage National Bank | West Chicago | January 17, 2014 | $53.5 million | $51.9 million | $1.5 million | Republic Bank of Chicago |
| Citizens First National Bank | Princeton | November 2, 2012 | $924 million | $869.4 million | $32.5 million | Heartland Bank and Trust Company |
Other failed banks Liberty Bank and Trust Company took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Home Federal Savings Bank | Detroit | MI | November 6, 2009 | $13 million | $12.7 million | $8.6 million | Liberty Bank and Trust Company |
| Douglass National Bank | Kansas City | MO | January 25, 2008 | $52.8 million | $50.3 million | $7.2 million | Liberty Bank and Trust Company |
All bank failures in 2013 · All bank failures in Illinois · Every failed bank Liberty Bank and Trust Company took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.