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Regulators have shut down a small bank in Illinois, raising to 23 the number of U.S. bank failures this year after the limping economy and mounting soured loans felled 157 banks in 2010.
The Federal Deposit Insurance Corp. on Friday seized Valley Community Bank, based in St. Charles, Ill. The bank has five branches, $123.8 million in assets and $124.2 million in deposits. Get the full story »
By Becky Yerak | Community First Bank Chicago, a 4-year-old bank that was told to shape up by regulators in February, has launched a stock offering to help raise capital. It has been inviting community members in Rogers Park, one of the neighborhoods in which it operates, to invest. It’s trying to raise at least $5 million.
The February order didn’t specify a capital target that the $60 million-asset bank needed to reach, but as of March 31, it had fallen below “well-capitalized” status.
Nearly 12 percent of its loans were seriously delinquent as of March 31, up from almost 5 percent in the year-ago period.
