[Updated with Deposit Insurance Fund info @ 1:40 p.m.]
…and one of its former officers is a DeKalb County official.
From an FDIC release yesterday:
Farmers and Traders State Bank, Shabbona, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, 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 State Bank, Mendota, Illinois, to assume all of the deposits of Farmers and Traders State Bank.
The two branches of Farmers and Traders State Bank will reopen on Saturday as branches of First State Bank. Depositors of Farmers and Traders State Bank will automatically become depositors of First State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. Compared to other alternatives, First State Bank’s acquisition was the least costly resolution for the FDIC’s DIF.
You heard it here (and perhaps only here) that FTSB accepted a consent order from FDIC last summer in response to charges of “unsafe or unsound banking practices and violations of law, rule, or regulation related to its Compliance Management System alleged to have been committed by the Bank.”
Yes, the Chronicle published from the same release this morning, but what they missed — and what I missed before — was Mark Todd. The Mark Todd who was appointed last year and has been serving as DeKalb County treasurer is the same Mark Todd who left his position as vice-president of Farmers and Traders State Bank just a few months before the bank got into trouble with regulators.
And the same Mark Todd is now running for a term as county treasurer, and so far is running unopposed. Terrific.
The 162nd annual town hall meeting of DeKalb Township begins tonight at 7 p.m. at the township offices, 2323 South 4th Street. The agenda is here.
DeKalb City Council Chambers will serve as the setting for a candidates’ night on Thursday evening involving some of the candidates City of DeKalb residents will vote on, and will include a telecast on Channel 14, the city’s public access channel.
The newly reconstituted League of Women Voters of DeKalb County (LWVDC) is hosting. Participating candidates of non-contested races will provide short presentations about themselves and their platforms, while contested races will involve questions from the audience as well.
Find more info at the Chronicle or e-mail email@example.com
Full disclosure: I serve on the LWVDC board of directors.
The DeKalb Area Rental Association (DARA) formed last summer has recently launched its website, called daranow.com.
It’s probably safe to say it’s not a coincidence in timing that DARA was conceived just a few months after the mayor first appointed his Safe/Quality Housing Task Force, and easy to see DARA’s formation at least partly as a defensive measure against the suspected return of the Rental Inspection Program agenda.
However, DARA is already more than an “anti” group. The organization is establishing Building Watch on multi-unit properties, has recently hosted a public meeting about Building Watch with DeKalb police, and is aiming to dovetail these efforts with existing Neighborhood Watch activities.
DARA has also taken upon itself the task of video recording Task Force meetings. A member tells me the recordings will be uploaded to YouTube and linked to the DARA website for easy public access.
The Safe/Quality Housing Task Force will next meet February 28 from 4-6 p.m. in the Municipal Building, council chambers.
Want to know more about keeping chickens in the city? Join Hannah Dwyer at the Unitarian Universalist Fellowship hall in DeKalb tonight.
Ms. Dwyer has been shepherding a proposal through the legislative process to allow City of DeKalb residents to keep up to five hens for their eggs. City council has so far assigned the draft ordinance to the Citizens’ Environmental Commission and the Planning & Zoning Commission for their recommendations, and these bodies are expected to consider the matter next month.
If the ordinance passes as written, each property owner with a hen permit and a lot size of 10,000 square feet or more will be allowed to keep hens on his or her property.
The UUF hall is on the southeast corner of Fourth and Locust. The informational program begins at 7 p.m.
Pretty soon, “Y” members who live on the south side of DeKalb may no longer have to travel to the YMCA’s Bethany Road facilities for lap swims and cardio workouts.
Our YMCA will be opening a NEW Y Site at the current Huntley Middle School location on at 1515 S. 4th Street in DeKalb! The Y will have use of the pool on certain days and also the lobby area for exercise equipment. In all, the site will feature 32 pieces of cardio equipment, a dumbbell and stretching area and 3 50″ TV’s.
The new facility is part of a larger program of improvements planned for 2012, which includes renovations to its multi-purpose room and expansion of parking area at the Bethany Road site.
For more info and to enter a naming contest, go here.
Sustainability Plan Presentation: Tuesday, October 11, 7 p.m. in DeKalb City Council Chambers. Sponsored by DeKalb’s Citizens Environmental Commission, this presentation is designed to introduce the public to the nuts and bolts of creating a citywide sustainability plan. Featured presenter is Aaron Cosentino from the City of Elgin. Cosentino worked with over 100 volunteers to develop a sustainability plan that was adopted by Elgin in August.
An often quoted definition for sustainability is the one put forth by the United Nations World Commission on Environment and Development: “Sustainability meets the needs of the present without compromising the ability of future generations to meet their own needs.”
However it is important for each city to arrive at the definition of sustainability which best suits its bioregion and community. The definition making process should include the social, economic, and environmental needs of the community.
DeKalb County/Area League of Women Voters-to-be: Thursday, October 13, 6:30 p.m. in the basement room of Kish Corner Family Restaurant, Sycamore. Anyone who is interested or thinks s/he might be interested in helping reorganize a local chapter of LWV is welcome to attend.
Farmers’ and Traders’ State Bank in Shabbona recently agreed to accept a Consent Order from the FDIC. FDIC issued the order one month ago and made it public yesterday, as is its usual procedure.
Yesterday also a bank in Plano, Texas, became the 74th bank to close in the U.S. in 2011. Bank failures peaked last year at 157, and in 2009 we had 140. Failing banks tend to be smaller this year than in the past few.
Still, the list of troubled institutions continues to grow. FDIC does not publish its official problem banks list, but Calculated Risk Blog has posted an unofficial list using public information since August 2009 when its count was 389, and by the end of this past July it was 995. The list does not include bank failures or unassisted mergers.
CR’s on citybarbs’ Public Policy blogroll. It’s my go-to for housing information.
2004-5: No grants were allocated as such for these years but there were expenses listed as “contributions,” of $2,500 and $3,064, respectively.
2007: There was rain and flooding.
2008: This was Corn Fest’s first year at the airport.
2009: Lady Antebellum probably saved their hash.
Source: Grant Space Tools
Third Ward Alderman Kristen Lash will hold a town hall meeting next Wednesday, August 31.
So far, participants are:
Kristen Lash, 3rd Ward Alderman
Jim Luebke, DeKalb Township Trustee
Paul Stoddard, County Board, District 9
Julia Fauci, County Board, District 9
Alderman Lash hopes also to include a representative of the District 428 school board.
The town hall will begin with each official giving a brief update of the happenings at his/her unit of government. A public question-and-comment period follows, during which audience members may address an individual or the entire panel.
Conexion Comunidad is at 637 N. 11th Street. The meeting will begin at 6:30 p.m.