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 The banks closed in Illinois were the John Warner Bank of
Clinton, First State Bank of Winchester, Rock River Bank of
Oregon, Elizabeth State Bank of Elizabeth, First National
Bank of Danville and Founders Bank of Worth.
The FDIC says the failure of the six Illinois banks, which are all
controlled by one family, resulted primarily from losses on
investments in risky instruments known as collateralized debt
obligations and other loan losses.
The closings bring to 12 the number of Illinois banks closed this
year.
All six closed banks will reopen Monday as branches of stronger
banks that agreed to buy some or all of their assets.
[Associated Press]
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