|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs, Rianna Brown
|Wednesday, September 5, 2001||
Senator Paul S. Sarbanes (D-MD), Chairman of the Banking, Housing, and Urban Affairs Committee, will hold a full Committee hearing on the recent failure of Superior Bank, FSB, Hinsdale, Illinois. The institution, which was placed in receivership by the Federal Deposit Insurance Corporation on July 27, 2001, had assets of over $2 billion. Reports have suggested that the loss to the Savings Association Insurance Fund (SAIF) could be over $500 million, or 25% of the savings institution's assets. The hearing will focus on what went wrong at Superior Bank and what steps can be taken to possibly avoid future failures.
The hearing will be held:
TUESDAY, SEPTEMBER 11, 2001
538 DIRKSEN SENATE OFFICE BUILDING
Scheduled to appear are: