The Illinois Department of Financial and Professional Regulation too over Country Bank of Aledo, which had $190.6 million in assets and $167.5 million in deposits.
The FDIC was appointed receiver and sold the failed bank's deposits to Blackhawk Bank & Trust of Milan, Ill. The acquiring bank also purchased $113.3 million of the filed bank's assets, with the FDIC retaining the remaining assets for later disposition.
The failed bank's two branches were scheduled to reopen Saturday as branches of Blackhawk Bank & Trust.The FDIC estimated that the cost of Country Bank's failure to the deposit insurance fund would be $66.3 million.
Thorough Bank Failure CoverageGeorgia leads all states with 20 bank failures this year, followed by Florida, with 11 failures, and Illinois, with eight bank closures. All 401 bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.