The Federal Deposit Insurance Corporation (FDIC) has closed the Valley Community Bank in Illinois, The Wall Street Journal reports. The regulator has entered into a purchase-and-assumption agreement with First State Bank to take over the failed bank. Valley Community Bank had around $123.8 million in total assets and $124.2 million in total deposits with five branches as of December 31, 2010. The latest seizure brings the total number of failed lenders this year to 23.

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