FDIC closes four banks in Illinois, Oregon, Nebraska, Florida

FDIC closes four banks in Illinois, Oregon, Nebraska, Florida

www.rttnews.com

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.

(visit the link for the full news article)

It seems like the bank closures weren't over yet, as four more have just been announced to be closing. I guess these four banks weren't entitled to any of the 'bailout' cash, then?
I wonder what makes one bank more entitled to free taxpayer dollars than any others...

Oh well... Here they are,

Corn Belt Bank and Trust Company, Pittsfield, Illinois
Sherman County Bank, Loup City, Nebraska
Pinnacle Bank of Beaverton, Oregon
Riverside Bank of the Gulf Coast, Cape Coral, Florida


www.rttnews.com
(visit the link for the full news article)

reply to post by LostNemesis


Actually this happens every Friday evening, where they rush in and close a number of banks.

What you've found is our weekly "Friday Report" as it should be called.

Ah, no ones noticing... nothing to worry about

A third of the nations banks will fail and be taken over by the FDIC over the next few months. Most banks are insolvent:

www.abovetopsecret.com...