FIs Closed: Valley Community Bank, St. Charles, Illinois, USA
On Friday, 25 February, 2011, Valley Community Bank, St. Charles, IL was closed by the Illinois Department of Banking & Financial 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 First State Bank, Mendota, Illinois, to assume all of the deposits of Valley Community Bank.
The five branches of Valley Community Bank will reopen during their normal business hours beginning Saturday, 26 February, as branches of First State Bank.
As of 31 December, 2010, Valley Community Bank had approximately USD123.8 million in total assets and USD124.2 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD22.8 million.
Valley Community Bank is the 23rd FDIC-insured institution to fail in the nation this year, and the second in Illinois.
Download PDF version of this page