Posted 12/10/2012 10:47 am
Updated 5 months ago
Decatur State Bank has found a new owner after a proposed sale fell apart earlier this year.
Chambers Bancshares Inc. of
Details of the sale weren't released. The transaction received expedited attention from regulators because of Decatur State Bank's deteriorating financial condition.
The bank, which employs 46 in three offices in
DSB amassed a $12.6 million loss during 2011. The bank began posting red ink in the fourth quarter of 2010 but was struggling throughout the year. Thanks to a quarterly loss of $4 million, DSB ended up losing $2.9 million during 2010.
In contrast, Grand Savings has operated profitably and generated net income of $2.5 million through Sept. 30. The $232.4 million-asset lender employs 63 at its two offices in Grove and
Mark Londagin, president and CEO of Decatur State Bank since June 2011, will remain president and CEO of Grand Savings.
Mike Donnell, who was promoted to president of Chambers Bank in October, will serve as president and CEO of Decatur State Bank.
Debra Peterson Evans of
The two largest stakeholders in Peterson Holding Co. are the Lloyd E. Peterson Revocable Trust, 78 percent, and Dorothy Mae Peterson, 17 percent.
A would-be sale for zero consideration to Mathias Bancshares Inc. of
Decatur State Bank has operated under a supervisory agreement with the Federal Deposit Insurance Corp. since November 2011. Chambers Bank has operated under a consent order with the FDIC since December 2011.
The $704 million-asset lender posted a nearly $4.3 million loss during the third quarter. The bank recorded a loss of almost $5.5 million during 2011 after enduring a $17.8 million loss in 2010.
Chambers Bank operates 19 full-service locations with a staff of 130.