Park Avenue Bank, New York, New York

Park Avenue Bank, New York, New York is the 28th FDIC-insured institution to fail in the nation this year, at an estimated cost to the Deposit Insurance Fund (DIF) will be $50.7 million. The FDIC will acquire a cash appreciation instrument for it’s troubles.

As part of the consideration for the Park Avenue Bank transaction, Valley issued an equity appreciation instrument to the FDIC. Under the terms of the equity appreciation instrument, the FDIC has the opportunity to obtain a cash payment with a value equal to the product of (a) a certain number of units and (b) the amount by which the average of the volume weighted average price of Valley’s common stock for five NYSE trading days immediately prior to the exercise of the equity appreciation instrument exceeds $14.372. The equity appreciation instrument is exercisable by the FDIC from March 18, 2010 through April 10, 2010. This instrument will be recorded as a liability with any subsequent changes in its estimated fair value recognized in earnings. Valley does not expect potential charges to earnings resulting from the change in this instrument’s estimated fair value to materially impact Valley’s capital position, or result, either separately or in conjunction with the asset acquisitions or liability assumptions, in the need to raise capital through future stock offerings.

Other parts of this transaction, are standard.

The Park Avenue Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.

The four branches of The Park Avenue Bank will reopen during normal business hours beginning tomorrow as branches of Valley National Bank. Depositors of The Park Avenue Bank will automatically become depositors of Valley National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Valley National Bank that it has completed systems changes to allow other Valley National Bank branches to process their accounts as well.

This evening and over the weekend, depositors of The Park Avenue Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, The Park Avenue Bank had approximately $520.1 million in total assets and $494.5 million in total deposits. Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of The Park Avenue Bank. In addition to assuming all of the deposits of the failed bank, Valley National Bank agreed to purchase essentially all of the assets.

The FDIC and Valley National Bank entered into a loss-share transaction on $379.8 million of The Park Avenue Bank’s assets. Valley National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-640-2538. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 3:00 p.m., EST; on Sunday from 9 a.m. to 3:00 p.m., Eastern Daylight Time (EDT); and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/parkavenue-ny.html.

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Statewide Bank, Covington, Louisiana

Statewide Bank, Covington, Louisiana, becomes the 30th FDIC insured institution to be closed by the agency in 2010. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.1 million.

Statewide Bank, Covington, Louisiana, was closed today by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Home Bank, Lafayette, Louisiana, to assume all of the deposits of Statewide Bank.

The six branches of Statewide Bank will reopen on Saturday as branches of Home Bank. Depositors of Statewide Bank will automatically become depositors of Home Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their former Statewide Bank branch until they receive notice from Home Bank that it has completed systems changes to allow other Home Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Statewide Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, Statewide Bank had approximately $243.2 million in total assets and $208.8 million in total deposits. Home Bank did not pay the FDIC a premium to assume all of the deposits of Statewide Bank. In addition to assuming all of the deposits, Home Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Home Bank entered into a loss-share transaction on $163.5 million of Statewide Bank’s assets. Home Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-913-3062. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., (CST); on Sunday from noon to 6:00 p.m., Central Daylight Time (CDT); and thereafter from 8:00 a.m. to 8:00 p.m., (CDT). Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/statewide.html.

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Old Southern Bank, Orlando, Florida

Old Southern Bank, Orlando, Florida, was closed today by Florida regulators and passed off to the Federal Deposit Insurance Corporation (FDIC). It was the 29th FDIC closure this year. The estimated cost to the Deposit Insurance Fund (DIF) will be $94.6 million.

Old Southern Bank, Orlando, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Old Southern Bank.

The seven branches of Old Southern Bank will reopen on Monday as branches of Centennial Bank. Depositors of Old Southern Bank will automatically become depositors of Centennial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their former Old Southern Bank branch until they receive notice from Centennial Bank that it has completed systems changes to allow other Centennial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Old Southern Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, Old Southern Bank had approximately $315.6 million in total assets and $319.7 million in total deposits. Centennial Bank will pay the FDIC a premium of 1.00 percent to assume all of the deposits of Old Southern Bank. In addition to assuming all of the deposits, Centennial Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Centennial Bank entered into a loss-share transaction on $282.7 million of Old Southern Bank’s assets. Centennial Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-822-1918. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., Eastern Daylight Time Eastern Daylight Time (EDT); and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/oldsouthern.html.

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LibertyPointe Bank, New York, New York

LibertyPointe Bank, New York, New York was the 27th FDIC insured closed by the agency this year. In a rare occurrence the bank was shuttered on a Thursday. The estimated hit to the Deposit Insurance Fund (DIF) will be $24.8 million.

LibertyPointe Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of LibertyPointe Bank.

The three branches of LibertyPointe Bank will reopen on Friday as branches of Valley National Bank. Depositors of LibertyPointe Bank will automatically become depositors of Valley National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. LibertyPointe Bank customers should continue to use their existing branches until they receive notice from Valley National Bank that it has completed systems changes to allow other Valley National Bank branches to process their accounts as well.

This evening, Friday, and over the weekend, depositors of LibertyPointe Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, LibertyPointe Bank had approximately $209.7 million in total assets and $209.5 million in total deposits. Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of LibertyPointe Bank. In addition to assuming all of the deposits, Valley National Bank agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Valley National Bank entered into a loss-share transaction on $181.5 million of LibertyPointe Bank’s assets. Valley National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-591-2820. The phone number will be operational this evening from the time of closing until 9:00 p.m., Eastern Standard Time (EST); on Friday from 9:00 a.m. to 6:00 p.m., EST; on Saturday from 9:00 a.m. to 3:00 p.m., EST; on Sunday from 9:00 a.m. to 3:00 p.m., Eastern Daylight Time (EDT); and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site athttp://www.fdic.gov/bank/individual/failed/LibertyPointe.html.

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Are TARP Funds Being Used To Fund Cheap Overseas Call Centers?

Steve Dibert, MFI-Miami

Yesterday afternoon a client of mine and I had to call JP Morgan Chase about the whereabouts of his file MFI-Miami requested 2 months ago. After being told quite adamantly that my client would have to pay $10 per document we were requesting (that’s a subject for another article I’m working on) and after I threatened this customer service agent with everything short of telling him he was one phone call away from getting a human booster shot from a guy named Jamie, we realized we were calling a call center in the Philippines and the guy was unaware of who Jamie was.

As soon as I got back to the office to brief my assistant about the client’s file and she hands me the phone to help her talk to a customer service person at Citimortgage.  After talking to this heavily accented woman for about 10 minutes, I asked her where she was located and she tells me the Philippines.  I talked to other members of my staff and they tell me they get the same thing except Wells Fargo and American Home Servicing routes the calls to India.  American Home Servicing Agents in India get angry pretty fast when you demand to speak to someone at an American call center in Texas or California.  I had one guy lose it and scream at me in Bengali or Hindi, I couldn’t tell which.  The women in my office say the only major bank that doesn’t route their calls to Asia is Bank of America.

The experiences my office has had with dealing with these call-centers mirrors the complaints that I have heard from my clients on a daily basis for the past 18 months.  Complaints that have become more and more frequent since congress passed TARP in September of 2008.

So at the risk of sounding like I come from the nether regions of Glennbeckistan, I have to ask, are TARP funds that were given to these banks by you and I, the American taxpayer, being used to employ cheap labor in developing nations and are these call-centers using child labor? Why aren’t Americans being employed to fill these positions?

I contacted both Citigroup and J.P. Morgan – Chase’s press office and surprisingly enough my calls did not get forwarded to the Philippines.  I had to leave messages and have not heard back.  I would say the chances of me getting a return phone call are about as likely as a customer service manager calling me back from a mortgage servicer.

I find it odd that no one in Washington has asked these questions especially someone like John Dingell or Tom Harkin.  You would think members of congress especially pro-union members would be fighting and clamoring to get these call-centers in their districts in this economy just for bragging rights. Is it just another sign that congress is out of touch with what is going on outside the beltway?

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Waterfield Bank, Germantown, Maryland

Waterfield Bank, Germantown, Maryland, is the 25th bank to fail in the nation in 2010. The FDIC estimates that the cost to its Deposit Insurance Fund will be $51.0 million.

Waterfield Bank, Germantown, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the insured depositors, the FDIC created Waterfield Bank, FA—a new depository institution chartered by the OTS and insured by the FDIC—to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions.

The bank had one branch location. It also took deposits from customers via the Internet and 38 affinity groups.
At the time of closing, the receiver immediately transferred to Waterfield Bank, FA, all insured deposits of the failed bank, except certificates of deposits (CDs) and individual retirement accounts (IRAs). The FDIC will mail checks directly to customers with CDs and IRAs for the amount of their insured funds, on Monday morning, March 8.

Customers with savings accounts, checking accounts and money market deposit accounts will have access to their insured funds as usual during this transitional period. Banking activities, such as direct deposit, check writing, and ATM and debit card use, will continue as normal for the customers with demand deposit accounts until Waterfield Bank, FA, closes on April 5. At the end of this transition period, the FDIC will mail checks to customers who have not closed their accounts or transferred their funds to another institution.

On-line banking services, including bill pay, will be unavailable for transactions over the weekend; however, these systems will be active by Monday morning, March 8.

As of December 31, 2009, Waterfield Bank had $155.6 million in assets and $156.4 million in deposits. At the time of closing, the amount of deposits exceeding the insurance limits totaled about $407,000. This amount is an estimate and is likely to change as the FDIC works with customers of Waterfield Bank. The uninsured deposits were not transferred to the newly chartered institution.

Depositors with more than $250,000 at Waterfield Bank should call the FDIC at (800) 830-4735 to make an appointment to discuss the status of their funds. The phone number will be operational this evening until 11:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 9:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

Customers who would like more information about today’s transaction can call the toll-free number; send an e-mail to waterfieldbankquestions@fdic.gov; or visit the FDIC’s Web site at:http://www.fdic.gov/bank/individual/failed/waterfield.html.

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Have we repelled the Ferengi Invasion?

Steve Dibert, MFI-Miami

Many of you may not know a dirty little secret that is only known to a handful of conspiracy theorists. In the mid 1980s, America was invaded by an alien race known as the Ferengi. The Ferengi are known for their Anarcho-capitalist society which everything revolves around profit and the accumulation of wealth.

Their home planet of Ferenginar, is the center of all Ferengi commerce and is governed by the Grand Negus and the Commerce Authority. Their religion is also based on the principles of capitalism. They offer prayers and monetary offerings to a “Blessed Exchequer” in hopes of entering the “Divine Treasury” upon death, and fear an afterlife spent in the “Vault of Eternal Destitution”. As you can guess, women, food and drink are all secondary. All that mattered is profit.

They even have a Book of Morality they live by called the Rules of Acquisition which list 285 rules all Ferengi live by. Such as:

1. Once you have their money … never give it back.
3. Never pay more for an acquisition than you have to.
6. Never allow family to stand in the way of opportunity.
9. Opportunity plus instinct equals profit.
10. Greed is eternal.
13. Anything worth doing is worth doing for money.
16. A deal is a deal … until a better one comes along.
21. Never place friendship above profit.
22. A wise man can hear profit in the wind.
23. Nothing is more important than your health–except for your money.
27. There’s nothing more dangerous than an honest businessman.
41. Profit is its own reward.
44. Never confuse wisdom with luck.
47. Don’t trust a man wearing a better suit than your own.
48. The bigger the smile, the sharper the knife.
52. Never ask when you can take.
59. Free advice is seldom cheap.
60. Keep your lies consistent.
62. The riskier the road, the greater the profit
82. The flimsier the product, the higher the price..
97. Enough … is never enough.
99. Trust is the biggest liability of all.
106. There is no honor in poverty.
109. Dignity and an empty sack is worth the sack.
111. Treat people in your debt like family … exploit them.
120. Everything is for sale, even friendship.
181. Not even dishonesty can tarnish the shine of profit.
189. Let others keep their reputation. You keep their money.
239. Never be afraid to mislabel a product.
242. More is good … all is better.
255. A wife is a luxury … a smart accountant is a necessity.
261. A wealthy man can afford anything except a conscience.
266. When in doubt, lie.

This wasn’t an invasion using military might but of mind control. They brainwashed our business and political leaders and their grab for power was swift and effective. They manipulated their way into every aspect of our life. They soon infiltrated the Federal Reserve and began dictating economic policy. They managed to get themselves put in key decision making positions at some of our major financial services companies. Then one day in 2007, someone threw off the shackles of the Ferengi and refused to buy a worthless security certificate.

This caused a cascade effect. Soon, humans all over the globe began rebelling. They closed their bank accounts and refused to pay their mortgages. The Ferengi’s leader Grand Negus Zek even used his business savvy to convince his one-time human adversary, Barack Obama to help the Ferengi keep some of their influence by appointing Timothy Geithner U.S. Treasury Secretary. Zek believed that this would prevent something inconceivable to the Ferengi-a complete collapse of the free market.

This was all for not because the Commerce Authority has removed Zek as Grand Negus for running an unprofitable venture and seized his assets. Now Zek is on his way back to Fereginar penniless and destined to spend the afterlife in Vault of Eternal Destitution. Americans are now left to pick up the shattered remains of a once great and stable economic system.

Okay, this story is a load of crap but it’s more entertaining and creative than the stories and excuses coming from banking executives and congress about how they allowed this mess to happen. With everything that has gone on in the past 15 years, I’m wondering if our business leaders began worshipping “The Ferengi Rules of Acquisition” as a religion.  Besides, congress and the banking executives have used every excuse imaginable except for maybe extra-terrestrial mind control and demonic possession in order deflect responsibility.

The book by the way was actually written by Ira Steven Behr, who wrote it as a supplement to the TV series Star Trek: Deep Space Nine to which he was a writer and producer.

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Lawrence County School Employees Federal Credit Union New Castle, Pa.

Lawrence County School Employees Federal Credit Union New Castle, Pa. became the fourth liquidation of a federally insured credit union this year.

NCUA announced this afternoon that it has liquidated the $2.5 million Lawrence County School Employees Federal Credit Union, which had been headquartered in New Castle, Pa.

At the time of its liquidation, Lawrence County FCU had just over 1,000 members whose accounts have been picked up by the First Choice Federal Credit Union, also of New Castle.

NCUA records document Lawrence County FCU’s precipitous decline. As of March 2009, just one year ago, the credit union had $6.4 million in assets and a new worth ratio of 14.79%.  But the CU was also showing signs of trouble. The return on average assets in December 2008 came in at 0.44%, but the very next quarter saw that ratio drop to negative 2.79 and it never recovered.

The credit union was chartered in 1937.

For more information go to the National Credit Union Administration (NUCA) webpage for Mutual Diversified Employees Federal Credit Union.

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Centennial Bank, Ogden, Utah

Centennial Bank, Ogden, Utah, failed today when the FDIC approved the payout of insured deposits. It is the 26th FDIC-insured institution to fail this year. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $96.3 million.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Centennial Bank, Ogden, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver.
The FDIC entered into an agreement with Zions First National Bank, Salt Lake City, Utah, to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments.

The FDIC was unable to find another financial institution to take over the banking operations of Centennial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

As of December 31, 2009, Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits. At the time of closing, the bank had an estimated $1.8 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-889-4976. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up an appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m. Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m. MST; and on Sunday from noon to 6:00 p.m. MST; and thereafter from 8:00 a.m. to 8:00 p.m. MST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/centennial-ut.html.
Beginning on Monday, customers of Centennial Bank with deposits exceeding $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” at https://www2.fdic.gov/drrip/afi/index.asp.

If you should have any further questions please do not hesitate to visit the FDIC webpage for Centennial Bank.

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Bank of Illinois, Normal, IL

Bank of Illinois, Normal, IL becomes the 24th FDIC-insured institution to fail in 2010,at an estimated cost to the Deposit Insurance Fund (DIF) will be $53.7 million.

Bank of Illinois, Normal, Illinois, was closed today by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Bank of Illinois.

The two branches of Bank of Illinois will reopen on Saturday as branches of Heartland Bank and Trust Company. Depositors of Bank of Illinois will automatically become depositors of Heartland Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Heartland Bank and Trust Company that it has completed systems changes to allow other Heartland Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of Bank of Illinois can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2009, Bank of Illinois had approximately $211.7 million in total assets and $198.5 million in total deposits. Heartland Bank and Trust Company will pay the FDIC a premium of 3.61 percent to assume all of the deposits of Bank of Illinois. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and Heartland Bank and Trust Company entered into a loss-share transaction on $166.6 million of Bank of Illinois’s assets. Heartland Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit:http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-760-3641. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST.

If you should have any further questions please do not hesitate to visit the FDIC webpage for Bank of Illinois.

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