Valley Community Bank

February 25, 2011

Valley Community Bank of St. Charles, Illinois failed and was closed on Feb. 25, 2011, according to this FDIC Press Release:

Valley Community Bank, St. Charles, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First State Bank, Mendota, Illinois, to assume all of the deposits of Valley Community Bank.

The five branches of Valley Community Bank will reopen during their normal business hours beginning Saturday, February 26, as branches of First State Bank. Depositors of Valley Community Bank will automatically become depositors of First State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Valley Community Bank should continue to use their existing branches until they receive notice from First State Bank that it has completed systems changes to allow other First State Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Valley Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2010, Valley Community Bank had approximately $123.8 million in total assets and $124.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, First State Bank agreed to purchase essentially all of the assets.

Valley Community Bank’s logo:

Valley Community Bank

Read the whole Valley Community Bank press release

Useful Links and Info:

Valley Community Bank Website

First State Bank Website

First State Bank Logo:

First State Bank

FDIC.gov Failed Bank Info Page For Valley Community Bank Customers



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