After state closure, St. Elmo bank reopening as United Fidelity branch
The Fayette County Bank in St. Elmo has been closed and purchased by the Evansville, Indiana-based United Fidelity Bank, according to a press release from the Illinois Department of Financial and Professional Regulation (IDFPR).
The closure, which was carried out by IDFPR and the Federal Deposit Insurance Corporation (FDIC), will not cause any disruption for Fayette County Bank customers or affect their deposits, the statement said.
"Fayette County Bank was closed today due to operations of an unsafe and unsound nature that resulted in inadequate capital to protect its depositors," Kerri Doll, IDFPR's director of banking, said, according to the press release. "We want to stress that not one depositor will lose a penny as a result of this action. At the time of its closure, the bank had approximately $34 million in assets and operated one location in Illinois."
Fayette County Bank opened in 1915.