West Chester Bank Closed by Feds
Regulators have shut down banks in 4 states, including one hereabouts in West Chester, boosting to 68 the number of federally insured banks to fail this year among the pressures of the feeble economy and mounting loan defaults. The Fed Deposit Insurance Corp was allocated as receiver of the Races Community Bank on West Chester Road. The bank has $705.8 million in assets and $598.2 million in deposits. Tonight, the bank’s internet site asserts all accounts and operations have been moved to First Fiscal Bank in Hamilton.
The site gives helpful info for patrons about how the move will affect them. It’s going to be business as normal on Mon. at all nineteen of the former Races banking centers as they become part of First Monetary Bank,” said Claude Davis, president and Head honcho of First Monetary Bancorp. The FDIC also took command of banks in Florida, New Jersey, and Oklahoma. “Clients will recognize familiar banking center associates from Races who will continue to look after their banking wishes. We think it is a real positive for Races clients and anticipate building robust relations with them.
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