OCC Appoints Receiver for First National Bank of Danville

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for First National Bank of Danville, Danville, Illinois.  First National Bank of Danville, with approximately $163 million of total assets as of May 31, 2009, was chartered as a national bank on October 26, 1863.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the bank has incurred losses that have depleted most of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.