ST. CHARLES, Ill. (
) -- The Illinois Department of Financial and Professional Regulation Friday shut down
Valley Community Bank
of St. Charles, bringing 2011's total number of bank failures to 23.
The failed bank was previously included in
institutions, based on fourth-quarter regulatory data provided by
Valley Community Bank had roughly $124 million in total assets and $124 million in total deposits when it failed. The bank -- which was heavily concentrated in commercial mortgages and construction loans -- was actually negatively capitalized as of Dec. 31, after a fourth-quarter net loss of $4.8 million. The institution's ratio of nonperforming assets -- including nonaccrual loans, loans past due 90 days or more, and repossessed real estate - made up 20.83% of total assets at the end of 2010.
Federal Deposit Insurance Corp.
was appointed receiver and arranged for
First State Bank
of Mendota, Ill. to assume the failed bank's assets and deposits. Valley Community's five offices were set to reopen during normal business hours as First State Bank branches.
The FDIC estimated that Valley Community Bank's closure would cost the deposit insurance fund $22.8 million.
Thorough Bank Failure Coverage
All bank and thrift closures since the beginning of 2008 are detailed in
interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
--Written by Philip van Doorn in Jupiter, Fla.
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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.