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Six Illinois banks failed today …

… including the First National Bank of Danville:

http://www.fdic.gov/news/news/press/2009/pr09117.html

“The First National Bank of Danville, Danville, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Financial Bank, N.A., Terre Haute, Indiana, to assume all of the deposits of The First National Bank of Danville.”

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“The six failed Illinois banks are all controlled by one family and followed a similar business model that created concentrated exposure in each institution. The failure of these banks resulted primarily from losses related to the banks’ investment in collateralized debt obligations and other loan losses.”

http://www.fdic.gov/bank/individual/failed/banklist.html

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