Valley Community Bank sold by feds to First State Bank
By
02/25/2011 22:21:00
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Valley Community Bank has become the latest local bank to come under new ownership.
On Friday, the Federal Deposit Insurance Corporation ordered the St. Charles-based bank to close. The FDIC then sold the bank’s five branches and its assets to First State Bank, of Mendota.
Valley Community Bank’s five branches will reopen during their normal business hours Saturday, the FDIC said.
All deposits at Valley Community Bank were insured by the FDIC, and all those holding accounts at Valley Community Bank will now hold accounts at First State Bank.
As of Dec. 31, Valley Community Bank had approximately $123.8 million in total assets and $124.2 million in total deposits.
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