The tough economic conditions dealt a tough defeat to a relatively new Rockford financial institution who bet its future on new business loans. 23 news Economic Reporter Kristin Burke has more on the Bank Centres decision to shut its doors.

"Since we're really new in the market we don't have any of those problem situations that were having to deal with."

That plan looked good on paper in late 2007 but by early 20-10....the plan ended in the trash can. The biggest problem for the new bank on the block wasn't bad debt on its books when I first spoke with Bank Centre CEO Tom Walsh who explained.

"Our primary focus is on commercial real estate and other type of commercial loans."

The Bank Centre opened its Rote road office on Rockford's east side armed with an aggressive plan to build its customer base primarily around businesses looking for loans.

"Our bread and butter is loans between half a million and 5 million dollars."

The Bank Centre was successful through most of 2008..financing projects like the Fresenius Dialysis Clinic on East State street.. and this retail center at Perryville and Spring Creek road in Rockford...But the momentum didn't last . Walsh points to the end of 08 as a point which proved to be brutal on the bank's books.

The bank boss adds the Bank Centre's St. Louis based leaders decided last month it would take too long for the Rockford branch to turn a profit.The decision was to shutter the operation...now just another casualty of the recession.

No depositors will lose any of their money once the branch closes. The bank is in the process of notifying customers of the changes.