Farmers and Traders State Bank, IL, Closed By Regulators

Farmers and Traders State Bank, Shabbona, Illinois, established in 1905, was closed today by the Illinois Department of Financial and Professional Regulation.  The FDIC, appointed as receiver, sold the failed bank to First State Bank, Mendota, IL. Despite being in business for over a century, Farmers and Traders State Bank remained a small bank with […]

Four Bank Failures In Four States Brings Year’s Total To 80

Regulators across the nation had a busy Friday evening, closing four banks in four different states. This week’s banking failures increase the total number of failed banks for 2011 to 80.  During 2010, regulators closed a total of 157 banks across the nation.  The FDIC is optimistically predicting a much lower number of banking failures […]

First State Bank, Cranford, NJ, Closed By Regulators – First New Jersey Bank Failure of 2011

New Jersey saw its first banking failure of 2011 as regulators closed a quarter billion dollar banking institution.  First State Bank, Cranford, New Jersey, was closed today by the NJ Department of Banking, which appointed the FDIC as receiver.   The failed Bank was sold to Northfield Bank, Staten Island, New York, which will assume all […]