On Friday, February 10, 2012 the FDIC shifted bank closure activity from the South to the center of the country this week failing Charter National Bank and Trust in Hoffman Estates, Illinois and SCB Bank of Shelbyville, Indiana. SCB at $200B assets was the larger of the two and began to hemorrhage significantly in the 2nd quarter of 2011. It will reopen as part of First Merchants Bank, National Association on Monday. Charter National Bank and Trust was down to $98M in assets as of 3Q2011 and had been living with elevated stress indications from Institutional Risk Analytics (IRA) since March of 2009. Like SCB, Charter also experienced an increase in operating loss rates beginning around the 1st to 2nd quarter of 2011. Charter will reopen as part of Barrington Bank & Trust Company, National Association on Monday.
Complete forensic reports can be found here,
Charter National Bank and Trust - Hoffman Estates, IL
SCB Bank - Shelbyville, IN
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Source: http://www.huffingtonpost.com/dennis-santiago/fdic-shutters-banks-in-il_b_1269993.html
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