by Calculated Risk on 2/13/2009 07:16:00 PM
Friday, February 13, 2009
Bank Failure #12 in 2009: Corn Belt Bank and Trust Company, Pittsfield, Illinois
From the FDIC: The Carlinville National Bank, Carlinville, Illinois, Assumes All of the Deposits of Corn Belt Bank and Trust Company, Pittsfield, Illinois
Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed today by the Division of Banking, Illinois Department of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company.Three down today ... more to come (probably).
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As of December 31, 2008, Corn Belt Bank and Trust Company had total assets of approximately $271.8 million and total deposits of $234.4 million. The Carlinville National Bank will pay the FDIC a premium of 1.75 percent.
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The FDIC estimates that the cost to the Deposit Insurance Fund will be $100 million. The Carlinville National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Corn Belt Bank and Trust Company is the twelfth bank to fail in the nation this year. The last bank to fail in Illinois was National Bank of Commerce, Berkeley, on January 16, 2009.