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Failed Bank Information
First National Bank of Blanchardville, Blanchardville, WI, Closing Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet Summary
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| I. Introduction |
On May 9, 2003, First National Bank of Blanchardville ("FNBB"),
Blanchardville, Wisconsin was closed by the Office of the Comptroller of the
Currency and the Federal Deposit Insurance Corporation (FDIC) was named
Receiver. No advance notice is given to the public when a financial
institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking account, you may have Certificates of
Deposit, a car loan, a business checking account, a commercial loan, a Social
Security direct deposit, and other relationships with the institution. The
FDIC has compiled the following information which should answer many of your
questions. |
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| II. Press
Release |
The FDIC has issued a press release about the institution’s closure. If
you represent a media outlet and would like information about the closure,
please contact the FDIC Public Affairs Office at (202) 898-6993.
PR-47-2003 FDIC Announces Receivership of First National Bank of
Blanchardville, Blanchardville, Wisconsin
PR-48-2003 FDIC Approves the Assumption of the Insured Deposits of the First
National Bank of Blanchardville, Blanchardville, Wisconsin |
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| III. Acquiring
Financial Institution |
All insured deposit accounts have been transferred to The Park Bank,
Madison, Wisconsin ("assuming institution") and will be available immediately.
Your bank will re-open during regular business hours on Monday, May 12, 2003.
Principal and interest on insured accounts, through May 9, 2003, are fully
insured by the FDIC, up to the insurance limit of $100,000. You will receive
full payment for your insured account. Certain entitlements and different
types of accounts may be insured for more than the $100,000 limit. IRA funds
are insured separately from other types of accounts, up to a $100,000 limit.
If it is determined that you have uninsured funds, the FDIC will generate and
mail to you a Receiver Certificate. This certificate entitles you to share
proportionately in any funds recovered through the disposal of the assets of
FNBB. This means that you may eventually recover some of your uninsured funds.
All accounts that exceed the $100,000 insurance limit, and/or all accounts
that appear to be related and exceed this limit, are reviewed by the FDIC to
determine their ownership and insurance coverage. If it appears that you have
potentially uninsured funds, an FDIC Claims Agent will contact you, by either
telephone or mail, regarding your account(s). Or, you may call 877-289-2088
and arrange a personal meeting with a Claims Agent.
Your transferred deposits will be separately insured from any accounts you may
already have at The Park Bank for six months after the failure of FNBB. Checks
that were drawn on FNBB that did not clear before the institution closed
[[will/will not]] be honored. You may speak to an FDIC representative
regarding deposit insurance by calling 877-289-2088.
You may withdraw your funds from any transferred account without an early
withdrawal penalty until you enter into a new deposit agreement with The Park
Bank (provided the deposits are not pledged as collateral for loans).
For all questions regarding new loans and the lending policies of The Park
Bank, please visit their web site at:
http://www.parkbank.com/
For additional information on
deposit insurance visit EDIE the FDIC's Electronic Deposit Insurance
Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator |
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| IV. Banking
Services |
You may continue to use the services to which you previously had access,
such as automatic teller machines (ATMs), safe deposit boxes, night deposit
boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid
against your available insured balance(s) as if no change had occurred. The
Park Bank will contact you soon regarding any changes in the terms of your
account. If you have a problem with a merchant refusing to accept your check,
please contact The Park Bank, Customer Service Department, at 800-359-7275. An
account representative will clear up any confusion about the validity of your
checks.
After May 9, 2003, your account will earn interest at a rate determined by The
Park Bank. You will be notified by letter regarding this matter.
Your automatic direct deposit(s) and/or automatic withdrawal(s) should be
transferred automatically to your assuming institution. You should contact
your assuming institution, however, to discuss your account(s) and to insure
that service is not delayed or discontinued.
All your deposit account histories and records will be transferred to your
assuming institution. If your assuming institution requires any additional
signatures or forms, it will notify you. If you have any questions or special
requests, you may contact a representative of your assuming institution at
800-359-7275. |
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| V. Loan
Customers |
| If you had a loan with FNBB, you should continue to make your payments
as usual. The terms of your loan will not change under the terms of the loan
contract because they are contractually agreed to your promissory note with
the failed institution. Checks should be made to your former bank and sent to
the same address until further notice. |
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| VI. Possible Claims Against the Failed
Institution |
Claims against failed financial institutions
occur when bills sent to the institution remain unpaid at the time of failure. Shortly
after the failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process.
Please note: there are time limits for
filing a claim, as specified in the notice.
If you provided a service for FNBB and have not received a notice, please
contact:
Federal Deposit Insurance Corporation
Receiver: First National Bank of Blanchardville
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
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| VII. Priority of Claims |
In accordance with Federal law, allowed claims
will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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| VIII. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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| IX. Brokered Deposits |
The FDIC offers a reference
guide to deposit brokers acting as agents for their investor clientele.
This site outlines the FDIC's policies and procedures that must
be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured
Institution.
Deposit
Broker Processing Guide |
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| General Disclaimer |
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