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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

2 Subsidiaries of Bank Holding Company Fail

Recent bank failures

June 22, 2014

By Mortgage Daily staff

One bank holding company saw two of the banks it owns fail on Friday, while its only other subsidiary was sold last year.

The Illinois Department of Financial & Professional Regulation - Division of Banking Friday seized and closed down Valley Bank.

The failed bank was based in Moline, Ill., operated 13 branches and employed 145 people. It was established in 1911.

On its balance sheet as of March 31 were $56 million in one-to-four-family residential assets, $79 million in commercial real estate loans and $65 million in construction-and-land-development loans.

In September 2011, Valley Bank was hit with a $45,000 Federal Deposit Insurance Corp. civil money penalty for submitting inaccurate information on its loan application register in 2008 and 2009.

In December 2009, parent River Valley Bancorp Inc., based in Davenport, Iowa, entered into a formal agreement with the Federal Reserve Bank of Chicago.

As is the case with all federally insured bank failures, the FDIC was named receiver of Valley Bank.

The FDIC conducted a secret bidding process and awarded the winning bid to Great Southern Bank, which assumed all of Valley Bank's $360 million in total deposits and purchased $375 million of its $456 million in total assets.

More than $51 million in losses are projected by the FDIC in connection to Valley Bank's failure.

Valley Bank's much smaller sister of the same name in Fort Lauderdale, Fla., was shuttered by the Florida Office of Financial Regulation, also on Friday.

Total deposits at the 39-year-old bank were $67 million, while its total assets stood at $82 million -- including $14 million in residential loans, $20 million in CRE assets and $7 million in C&D loans. Staffing was just 11 employees.

The bank was hit with a $22,000 FDIC civil money penalty in October 2010.

Landmark Bank, N.A., agreed to assume all of Valley Bank's deposits and acquire all of its assets.

The FDIC expects Valley Bank's failure to cost its Deposit Insurance Fund $8 million.

A third bank owned by River Valley Bancorp, Sterling, Ill.-based Freedom Bank, was acquired in November 2013 by Heartland Financial USA Inc.

So far during 2014, 11 FDIC-insured banks have failed. Including credit unions and non-banks, Mortgage Daily has tracked the closing or failure of 25 mortgage-related businesses this year.

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