First Chicago Bank & Trust edges closer to failure

``First Chicago Bank & Trust is running out of time. The Federal Deposit Insurance Corp. is soon likely to begin looking for a healthy buyer to take over the Chicago-based bank unless it arranges a capital infusion quickly, according to industry sources. First Chicago has been trying to raise at least $50 million.... The bank, whose main investor is a California private equity firm, has been operating under regulatory scrutiny for more than a year. Last month, regulators announced that First Chicago is "significantly undercapitalized" and gave it until early June to raise enough money to be considered "adequately capitalized...." First Chicago, which has $751 million in loans, has about $35 million of foreclosed real estate on its books... It also has nearly $100 million in seriously delinquent loans, of which about $20 million are business loans. ''