FDIC Friday 02-25-11
Posted: Sat Feb 26, 2011 12:46 pmValley Community Bank, St. Charles, IL
As of December 31, 2010, Valley Community Bank had approximately $123.8 million in total assets and $124.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, First State Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives, First State Bank's acquisition was the least costly resolution for the FDIC's DIF. Valley Community Bank is the 23rd FDIC-insured institution to fail in the nation this year, and the second in Illinois. The last FDIC-insured institution closed in the state was Community First Bank-Chicago, Chicago, Illinois, on February 4, 2011.
As of December 31, 2010, Valley Community Bank had approximately $123.8 million in total assets and $124.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, First State Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives, First State Bank's acquisition was the least costly resolution for the FDIC's DIF. Valley Community Bank is the 23rd FDIC-insured institution to fail in the nation this year, and the second in Illinois. The last FDIC-insured institution closed in the state was Community First Bank-Chicago, Chicago, Illinois, on February 4, 2011.