First Choice Bank, Geneva, Illinois

First Choice Bank, Geneva, Illinois, is the 68th FDIC-insured institution to fail in the nation in 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.0 million.

First Choice Bank, Geneva, Illinois, was closed today by the Illinois Department of Financial and 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 Inland Bank & Trust, Oak Brook, Illinois, to assume all of the deposits of First Choice Bank.

The sole branch of First Choice Bank will reopen on Saturday as a branch of Inland Bank & Trust. Depositors of First Choice Bank will automatically become depositors of Inland Bank & Trust. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First Choice Bank should continue to use their existing branch until they receive notice from Inland Bank & Trust that it has completed systems changes to allow other Inland Bank & Trust branches to process their accounts as well.

This evening and over the weekend, depositors of First Choice 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 June 30, 2011, First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Inland Bank & Trust agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-517-8236. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT.

If you should have any further questions please do not hesitate to visit the FDIC web page for First Choice Bank.