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The FDIC said that Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed by the Banking Division of Illinois Department of Financial Regulation and appointed the FDIC as receiver. The FDIC has entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank. The Carlinville National Bank will pay a premium of 1.75% to the FDIC.
As of December 31, 2008, Corn Belt Bank had total assets of approximately $271.8 million and total deposits of $234.4 million. Corn Belt Bank's two offices will reopen on Tuesday as branches of The Carlinville National Bank. Depositors of Corn Belt Bank will automatically become depositors of The Carlinville National Bank.