Valley Bank Closed, Branches to Reopen as Great Southern Bank - News and Weather For The Quad Cities -

Valley Bank Closed, Branches to Reopen as Great Southern Bank

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Moline-based Valley Bank was closed Friday by the Illinois Department of Financial & Professional Regulation - Division of Banking. According to the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, the bank failed. That typically means a bank is critically under capitalized and unable to meet its obligations to depositors and others.

The FDIC entered into a purchase and assumption agreement with Great Southern Bank, which is based out of Reeds Spring, Missouri, to assume all of the deposits of Valley Bank.

The 13 branches of Valley Bank will reopen as branches of Great Southern Bank during their normal business hours.

Depositors of Valley Bank will automatically become depositors of Great Southern Bank.

Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

Customers of Valley Bank should continue to use their current branch until further notice from Great Southern Bank.

Depositors of Valley Bank can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2014, Valley Bank had approximately $456.4 million in total assets and $360.0 million in total deposits. In addition to assuming all of the deposits of Valley Bank, Great Southern Bank agreed to purchase approximately $375.4 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about this transaction should call the FDIC toll-free at 1-800-894-2013. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/valleybankil.html.

 

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