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All Economy Content

East Central Illinois banks weathering stormy times

 

CHAMPAIGN – It's a shaky time for the financial sector, with IndyMac Bank being taken over by the federal government and regulators taking extra steps to help prop up mortgage giants Fannie Mae and Freddie Mac.

Stock prices have plummeted for many banks across the country, including Cleveland-based National City, which has four branches in Champaign-Urbana. And a few banks – but only a few – in East Central Illinois have reported quarterly losses this year or annual losses for last year.

Size, profitability and strength of area banks

Listed below are area banks, along with their assets, income, return on assets and risk-based capital ration:

All 75 banks with area presence well-capitalized; 4 showed loss

If the sudden downward spiral and sale of the Bear Stearns investment bank has you worried about the condition of your local bank, breathe easy.

Reports filed with the Federal Financial Institutions Examination Council indicate you don't have cause for concern.

Vermilion advantage intensifies its focus

DANVILLE – The office of Vermilion Advantage has started the new year by adding and reorganizing staff to be more aggressive on the economic development front, and by launching a new grass-roots work force and community development program, among other initiatives.

On Monday, Todd Lee joined the Vermilion Advantage staff as the director of business development and government relations. For the last four years, Lee has served as the East Central Region manager for Gov. Rod Blagojevich's Opportunity Returns program, which is part of the Illinois Department of Commerce and Economic Opportunity.