Country Bank closed by IL regulators
10/17/2011
Country Bank, Aledo, Illinois, located south of Davenport, was closed by Illinois
state regulators on Friday, October 14. The institution had $190.6 million in assets at
June 30 and was rated E- (“Very Weak”) by Weiss at the time of failure. It was first
identified as “Weak” in December 2010. It reported a loss of more than $8.8 million for
the six months through June 30. Country Bank had below-FDIC-mandated Tier 1 (5%) and
risk-based capital (6%) ratios of 0.57% and 1.59%, respectively. Nonperforming assets
represented an extremely high 43% of total loans.
Blackhawk Bank and Trust, Milan, Illinois, with assets of $865.8 million and a
Weiss Financial Strength Rating of C- (“Fair”), assumed the deposits of Country Bank.
Blackhawk has moderate nonperforming loans with 3.95% of its portfolio as delinquent and
net income of $5.9 million through June 30 with a healthy ROA of 1.36%.