Elizabeth State Bank, Elizabeth, IL

The FDIC busied itself this holiday weekend by seizing seven banks after the close of business on Thursday. Elizabeth State Bank became the 49th bank to be shut down by the agency in 2009. From theofficial FDIC press release:

The Elizabeth State Bank, Elizabeth, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Galena State Bank and Trust, Galena, Illinois, to assume all of the deposits of The Elizabeth State Bank.

Visit the official FDIC webpage for more information.

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