FIs closed: Country Bank, Aledo, Illinois, USA
On Friday,14 October, 2011, Country Bank, Aledo, Illinois, USA, was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Blackhawk Bank & Trust, Milan, Illinois, to assume all of the deposits of Country Bank.
The two branches of Country Bank will reopen on Saturday as branches of Blackhawk Bank & Trust. Depositors of Country Bank will automatically become depositors of Blackhawk Bank & Trust.
As of 30 June, 2011, Country Bank had approximately USD190.6 million in total assets and USD167.5 million in total deposits. In addition to assuming all of the deposits, Blackhawk Bank & Trust agreed to purchase approximately USD113.3 million of the failed bank's assets.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD66.3 million. Country Bank is the 80th FDIC-insured institution to fail in the USA this year and the eighth in Illinois.
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