St. Charles’ Valley Community Bank fails

By Associated Press
Posted Feb. 25 at 5:42 p.m.

Regulators have shut down a small bank in Illinois, raising to 23 the number of U.S. bank failures this year after the limping economy and mounting soured loans felled 157 banks in 2010.

The Federal Deposit Insurance Corp. on Friday seized Valley Community Bank, based in St. Charles, Ill. The bank has five branches, $123.8 million in assets and $124.2 million in deposits.

First State Bank, based in Mendota, Ill., agreed to assume the assets and deposits of the failed bank.

The failure of Valley Community Bank is expected to cost the deposit insurance fund $22.8 million.

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One comment:

  1. jim Feb. 26 at 2:12 pm

    Another example of big government interfering in private business.