October 20, 2012 – 12:50 am

First East Side Savings Bank, Tamarac, Florida, is the 45th FDIC insured bank to fail this year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.1 million.

First East Side Savings Bank, Tamarac, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank National Association, St. Cloud, Minnesota, to assume all of the deposits of First East Side Savings Bank.

The sole branch of First East Side Savings Bank will reopen on Saturday as a branch of Stearns Bank. Depositors of First East Side Savings Bank will automatically become depositors of Stearns Bank. 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 East Side Savings Bank should continue to use their existing branch until they receive notice from Stearns Bank that it has completed systems changes to allow other Stearns Bank branches to process their accounts as well.

This evening and over the weekend, depositors of First East Side Savings 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, 2012, First East Side Savings Bank had approximately $67.2 million in total assets and $65.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at  1-800-823-4939. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8 a.m. to 8 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT.

If you should have ant further questions please do not hesitate to visit the FDIC web page for First East Side Savings Bank

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