February 1, 2009 – 3:03 pm

Corn Belt Bank and Trust Company, Pittsfield, Illinois, was hit with a cease-and-desist order from the FDIC.

Federal and state banking regulators have filed cease-and-desist orders against West Suburban Bank of Lombard and Corn Belt Bank & Trust Co. of Pittsfield.

Grievances against West Suburban include a board of directors that has failed to provide adequate supervision to the bank’s management and an ineffective system of internal controls to ensure compliance with the Bank Secrecy Act, according to the 21-page order filed jointly by the FDIC and the Illinois Department of Financial and Professional Regulation.

You can read the PDF from the official FDIC webpage here.

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