Shabbona bank under new ownership after failure
SHABBONA – For Connie Ganz and the First State Bank, when one door closes they want to be there to open another one.
Ganz, senior vice president of First State Bank, said she was excited about the bank’s acquisition of Farmers’ and Traders’ State Bank in Shabbona over the weekend after the Illinois Department of Financial and Professional Regulation shut the community bank down.
Farmers’ and Traders’ State Bank had been under FDIC scrutiny for months after entering a consent order in August of last year. The consent order showed the bank had unsound banking practices related to weaknesses in earnings, asset quality, management, liquidity, sensitivity to interest rate risk and capital.
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