The Fayette County Bank in St. Elmo has been closed by State and Federal regulators. The Illinois Department of Financial and Professional Regulation Division of Banking in cooperation with the Federal Deposit Insurance Corporation took possession and control of the bank at five Friday afternoon.
United Fidelity Bank, fsb in Evansville, Indiana has agreed to purchase the bank, ensuring an immediate and uninterrupted transition in service for customers.
IDFPR Director of Banking Kerri Doll says the Fayette County Bank was closed due to operations of an unsafe and unsound nature that resulted in inadequate capital to protect its depositors. He stresses that not one depositor will lose a penny as a result of this action. At the time of its closure, the bank had approximately $34 million in assets and operated with the one location in Illinois.
United Fidelity Bank will immediately operate Fayette’s office as a branch of its own bank. All in-transit checks will be honored with no interruption of ATM services.
Fayette County Bank first opened in 1915.