WASHINGTON — Regulators seized the $124 million-asset Valley Community Bank in St. Charles, Ill., late Friday in the 23rd bank failure of the year.
Valley Community was closed by the state banking department. The Federal Deposit Insurance Corp. said it had agreed to sell all of the failed bank's deposits — totaling about $124 million — to First State Bank in Mendota, Ill. The acquirer will also take roughly all of Valley Community's assets.
The failure, which was the 2nd in Illinois this year, was estimated to cost the Deposit Insurance Fund $22.8 million.