Feds close First National Bank

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July 2, 2009

Sites to re-open Monday

STAFF REPORT The Commercial-News Thu Jul 02, 2009, 11:28 PM CDT

DANVILLE — Federal officials closed Danville’s First National Bank Friday. The bank’s seven offices will reopen Monday as branches of First Financial Bank of Terre Haute, Ind.

First Financial already operates a branch in Ridge Farm.

Depositors in First National still will be able to write checks and use their debit cards, including

withdrawals from automated teller machines, according to an FDIC press

release.

Loan customers also should continue to make payments as scheduled, an FDIC press release said.

The move comes less than a month after First National officials issued a statement to reassure customers a plan was in place to ensure the operation “for many years to come.”

The Federal Deposit Insurance Corporation made the announcement Thursday afternoon. The FDIC gives no prior notice before it closes any banks.

First National was among seven banks closed Thursday. Others in Illinois included Founders Bank in Worth, Elizabeth State Bank in Elizabeth, Rock River Bank in Oregon, First Bank of Winchester in Winchester and John Warner Bank in Clinton. The FDIC also took over the Millennium State Bank of Texas in Dallas.

On April 30, First National reported total assets of $166 million and total deposits of about $147 million, according to the FDIC. First Financial Bank paid a premium of 5.36 percent to acquire all First National assets and assumed all

deposits.

First National, according to the FDIC, acquired $148 million in assets with the federal agency keeping the remainder to be assigned later.

First National Bank of Danville was started in 1857 and held the second-oldest bank charter in the state. Its main office is located at 1 Towne Centre.

FYI

First National Bank customers with questions can call the Federal Deposit Insurance Corp. at (800) 591-2817. The line will be open 9 a.m. to 6 p.m. today and Saturday, noon to 6 p.m. Sunday and 8 a.m.-8 p.m. after Sunday. Customers also can access information at the FDIC’s Web site: http://www.fdic.gov/bank/individual/failed/danville.html.

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