Waukegan, Illinois, August 13, 2014 – Northern States Financial Corporation (OTCQB-NSFC), today announced that its subsidiary, NorStates Bank has been released from its Consent Order with the Federal Deposit Insurance Corporation and the Illinois Department of Financial and Professional Regulation. This termination ends a period of over 4 years in which NorStates Bank was under an Order with its regulators.
In April of this year, Northern States Financial Corporation successfully completed a $25 million recapitalization after NorStates Bank had recovered sufficiently to allow Northern States Financial Corporation to attract additional capital.
"We are pleased that our regulators have acknowledged the remarkable progress we have made" said Scott Yelvington President and Chief Executive Officer. "While we still have some ancillary credit issues to address, we are well capitalized, profitable and ready to fully resume our support for the critical financial needs of the communities we serve in Lake County, Illinois."
ABOUT NORTHERN STATES FINANCIAL CORPORATION
Northern States Financial Corporation is the holding company for NorStates Bank, a full-service commercial bank with eight branches in Lake County, Illinois. NorStates Bank is the successor to financial institutions dating to 1919. NorStates Bank serves the populations of Northeastern Illinois and Southeastern Wisconsin.