WASHINGTON — The Federal Deposit Insurance Corp. late Wednesday announced it will sell Independent Bankers' Bank Bridge Bank to The Independent BankersBank of Irving, Texas.
The bridge bank was created by the FDIC on Dec. 18 to take over the operations of Independent Bankers' Bank of Springfield, Ill., when that bank was closed by Illinois state regulators. The FDIC had been appointed the receiver.
As of Dec. 31, Independent Bankers' had approximately $269.3 million in total assets and $285.3 million in total deposits.
Independent BankersBank will purchase $111.8 million of the failed bank's assets, and pay a premium of 0.32 percent to assume all of the deposits. The FDIC said it plans to sell the rest of the assets at a later date.
In a separate transaction, Empire Advisory Group Inc. of Springfield, a financial services firm, will purchase the corporate trust department of the failed bank.
