Seven area banks downgraded by rating service

CHAMPAIGN – Seven area banks have been downgraded by the BauerFinancial bank rating service, based on data filed with regulators for the quarter that ended Sept. 30.

One of the banks, Champaign-based Strategic Capital Bank, was downgraded from a 1-star ("troubled") rating to zero stars, BauerFinancial's lowest rating. In August, state and federal regulators moved to bar the bank from increasing its assets, required it to increase its capital and prohibited it from accepting or renewing brokered deposits.

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