Bank of Shorewood Fails — Shorewood Crossroads Festival to Continue On

On the evening the Shorewood Crossroads Festival kicked off, the local bank sponsoring the celebration collapsed.

The failed Friday evening and will open Saturday morning as Heartland Bank.

“Bank of Shorewood was closed at 7 p.m. (Friday) by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC receiver,” according to a statement released by Heartland Bank.

“Customers can be assured that their accounts are safe, secure, and readily accessible,” the statement said. “They can continue to use their checks and ATM/debit cards to access their funds as usual. Direct deposits and automatic payments will also continue as scheduled.”

Brad Easter, the manager of the , said this was indeed the case.

“It goes on, business as usual,” Easter said. “Nobody’s going to lose any money or anything.”

Easter is also the chairman of the Shorewood Crossroads Festival, which began Friday in Four Seasons Park.

The Bank of Shorewood was the presenting sponsor of the festival.

Easter said the bank’s failure will not affect the festival.

“We’ll have to find a new presenting sponsor next year,” he said.

Easter might want to give Heartland Bank a call. According to its statement, the Bloomington-based bank is an “independently owned community bank with assets of $1.9 billion and has offices in 30 communities in Illinois and northeast Missouri.”

The Bank of Shorewood had a branch at 700 W. Jefferson St. in Shorewood, as well as one in Plainfield and one in Elwood.