FDIC proposes big bank assessment to recover losses from Silicon Valley and Signature bank failures.

BMO Bank, Northern Trust, and Wintrust will have to pay for the Federal Deposit Insurance Corp.'s rescue of uninsured depositors in failed Silicon Valley Bank and two other regional lenders that recently went bust. The FDIC proposed a special assessment that will hit a little over 110 of the nation's largest banks, with the three local players falling into this category. If the assessment is finalized, the three banks will be on the hook for a collective $429 million over two years beginning in 2024.