G.I.C. Federal Credit Union, Euclid, Ohio

December 15, 2012 – 3:43 am

G.I.C. Federal Credit Union, Euclid, Ohio, was closed by federal regulators today. It is  the 12th federally insured credit union to be closed in 2012.  G.I.C. was founded in 1936, and had 3,476 members with about $15 million in assets, according to the NCUA. All customers’ deposits are  insured by the National Credit Union Share Insurance Fund for up to $250,000 each.

The National Credit Union Administration (NCUA) today liquidated G.I.C. Federal Credit Union of Euclid, Ohio. NCUA made the decision to liquidate G.I.C. Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

G.I.C Federal Credit Union member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will transfer certain share accounts to Steel Valley Federal Credit Union of Cleveland. Steel Valley Federal Credit Union is a full-service credit union with more than $37.2 million in assets serving more than 7,800 members. For non-transferred accounts, NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified accounts in the credit union within one week.

Members with additional questions about their insurance coverage may contact the National Credit Union Consumer Assistance Center toll free at  800-755-1030. The Center answers calls Monday – Friday between 8 a.m. and 5 p.m. (Eastern). Individuals may also visit the MyCreditUnion.govwebsite at any time for more information about their insurance coverage.

G.I.C. Federal Credit Union served 3,476 members and had assets of approximately $15.5 million, according to the credit union’s last Call Report. Chartered in 1936, G.I.C. Federal Credit Union was a full-service financial institution that originally served employees of Gould, Inc. At the time of closure, G.I.C. Federal Credit Union was a multiple common bond credit union serving several select groups.

G.I.C. Federal Credit Union is the twelfth federally insured credit union liquidation in 2012.

 

 

 

Border Lodge Credit Union of Derby Line, Vt.

December 5, 2012 – 4:46 pm

Border Lodge Credit Union of Derby Line, Vt., was closed by regulators on Friday appointing the NCUA as liquidating agent. Member deposits are protected up to $250,000 and a consumer service hotline was opened. It is  the eleventh federally insured credit union to go belly up this year.

The Vermont Department of Financial Regulation today closed the Border Lodge Credit Union of Derby Line, Vt., and appointed the National Credit Union Administration (NCUA) as liquidating agent.

Border Lodge Credit Union member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. Members with questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. (Eastern). Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

Originally chartered in 1963, Border Lodge Credit Union was a state-chartered, federally insured credit union serving 1,097 members and had assets of approximately $3.1 million, according to the credit union’s most recent Call Report. Border Lodge Credit Union served employees of varied and approved occupational groups who work within Orleans County, Vt., and members of the immediate families of such persons and associations composed primarily of the same people.

The Vermont Department of Financial Regulation made the decision to liquidate Border Lodge Credit Union to conserve the assets and protect the interests of credit union members.

Border Lodge Credit Union is the eleventh federally insured credit union liquidation in 2012.

Hometown Community Bank, Braselton, Georgia

November 16, 2012 – 7:06 pm

Hometown Community Bank, Braselton, Georgia, makes it an even 50 for the number of FDIC insured banks to fail in 2012. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $36.7 million.

Hometown Community Bank, Braselton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CertusBank, National Association, Easley, South Carolina, to assume all of the deposits of Hometown Community Bank.

The two branches of Hometown Community Bank will reopen on Saturday as branches of CertusBank, N.A. Depositors of Hometown Community Bank will automatically become depositors of CertusBank, N.A. 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 Hometown Community Bank should continue to use their existing branch until they receive notice from CertusBank, N.A. that it has completed systems changes to allow other CertusBank, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Hometown Community 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 September 30, 2012, Hometown Community Bank had approximately $124.6 million in total assets and $108.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, CertusBank, N.A. agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-830-4725. 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., EST; on Monday from 8 a.m. to 8 p.m., EST; and thereafter from 9:00 a.m. to 5:00 p.m., EST.

If you should have ant further questions please do not hesitate to visit the FDIC web page for Hometown Community Bank.

Citizens First National Bank, Princeton, Illinois

November 2, 2012 – 6:41 pm

Citizens First National Bank, Princeton, Illinois, made it number 49th on the FDIC bad bank list for 2012. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.2 million.

Citizens First National Bank, Princeton, Illinois, 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 Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Citizens First National Bank.

The 21 branches of Citizens First National Bank will reopen on Saturday as branches of Heartland Bank and Trust Company. Depositors of Citizens First National Bank 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 in order to retain their deposit insurance coverage up to applicable limits. Customers of Citizens First National Bank 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 Citizens First National 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 September 30, 2012, Citizens First National Bank had approximately $924.0 million in total assets and $869.4 million in total deposits. 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.

Customers with questions about today’s transaction should call the FDIC toll-free at  1-800-830-4698. 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., Central Standard Time (CST); on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST.

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

Heritage Bank of Florida, Lutz, Florida

November 2, 2012 – 6:36 pm

Heritage Bank of Florida, Lutz, Florida, was shuttered today making the 48th FDIC insured bank to go bad in 2012. The agency  estimates that the cost to the Deposit Insurance Fund (DIF) will be $65.5 million.

Heritage Bank of Florida, Lutz, 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 Heritage Bank of Florida.

The three branches of Heritage Bank of Florida will reopen on Monday as branches of Centennial Bank. Depositors of Heritage Bank of Florida 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 in order to retain their deposit insurance coverage up to applicable limits. Customers of Heritage Bank of Florida should continue to use their existing 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 Heritage Bank of Florida 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 September 30, 2012, Heritage Bank of Florida had approximately $225.5 million in total assets and $223.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, Centennial Bank agreed to purchase approximately $193.7 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about today’s transaction should call the FDIC toll-free at  1-800-830-4731. 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., Eastern Standard Time (EST); on Monday from 8 a.m. to 8 p.m., EST; and thereafter from 9:00 a.m. to 5:00 p.m., EST.

If you should have ant further questions please do not hesitate to visit the FDIC web page for Heritage Bank.

Women’s Southwest Federal Credit Union, Dallas, Texas

October 31, 2012 – 8:55 pm

Women’s Southwest Federal Credit Union, Dallas, Texas, was liquidated by NCUA today. The tiny credit union was this year’s 18th credit union failure.

The National Credit Union Administration (NCUA) today liquidated Women’s Southwest Federal Credit Union (WSFCU) of Dallas, Texas. NCUA made the decision to liquidate WSFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

WSFCU member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will transfer certain share accounts to City Credit Union of Dallas, Texas. City Credit Union is a full-service, federally insured, state-chartered credit union with $259.6 million in assets and approximately 38,000 members.

For non-transferred accounts, NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified accounts in the credit union within one week.

Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 7 a.m. and 4 p.m. (Central). Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

WSFCU served 743 members and had deposits of approximately $2 million, according to the credit union’s most recent Call Report. Originally chartered as Feminist Southwest Federal Credit Union in 1974, at the time of closure WSFCU served numerous select groups centered primarily on women’s advocacy, interest, and affiliation. The credit union also served an underserved area in Dallas and other affinity groups.

WSFCU is the tenth federally insured credit union liquidation in 2012.

NOVA Bank, Berwyn, PA

October 28, 2012 – 7:42 pm

NOVA Bank, Berwyn, PA,  is the 47th FDIC-insured bank to fail in the nation this year, with the payout of the insured deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91.2 million.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of NOVA Bank, Berwyn, Pennsylvania. The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of NOVA Bank. The FDIC will mail checks directly to depositors of NOVA Bank for the amount of their insured money. As a convenience to depositors, the FDIC has made arrangements with National Penn Bank to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments through January 25, 2013. The seven National Penn Bank locations designated to service NOVA Bank’s customers receiving federal government direct deposit payments are as follows: One Penn Center; East Falls; Norristown; Wynnewood; Paoli; Wayne, and Lionville.

Customers with questions about today’s transaction, including those with accounts in excess of $250,000, should call the FDIC toll-free at 1-800-830-3256. 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 8:00 a.m. to 8:00 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 NOVA Bank.

 

Excel Bank, Sedalia, Missouri

October 20, 2012 – 12:54 am

Excel Bank, Sedalia, Missouri,  is the 46th FDIC-insured institution to fail in the nation this year.  The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $40.9 million.

Excel Bank, Sedalia, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Simmons First National Bank, Pine Bluff, Arkansas, to assume all of the deposits of Excel Bank.

The four branches of Excel Bank will reopen during their normal business hours beginning Saturday as branches of Simmons First National Bank. Depositors of Excel Bank will automatically become depositors of Simmons First National 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 Excel Bank should continue to use their existing branch until they receive notice from Simmons First National Bank that it has completed systems changes to allow other Simmons First National Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Excel 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, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.

The FDIC and Simmons First National Bank entered into a loss-share transaction on $126.6 million of Excel Bank’s assets. Simmons First 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 with questions about today’s transaction should call the FDIC toll-free at  1-800-830-4697. 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; on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT.

If you should have ant further questions please do not hesitate to visit the FDIC web page for Excel Bank.

First East Side Savings Bank, Tamarac, Florida

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

GulfSouth Private Bank, Destin, Florida

October 20, 2012 – 12:46 am

GulfSouth Private Bank, Destin, Florida, is the 44th FDIC insured institution to fail nationwide in 2012. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $36.1 million.

GulfSouth Private Bank, Destin, 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 SmartBank, Pigeon Forge, Tennessee, to assume all of the deposits of GulfSouth Private Bank.

The four branches of GulfSouth Private Bank will reopen on Monday as branches of SmartBank. Depositors of GulfSouth Private Bank will automatically become depositors of SmartBank. 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 GulfSouth Private Bank should continue to use their existing branch until they receive notice from SmartBank that it has completed systems changes to allow other SmartBank branches to process their accounts as well.

This evening and over the weekend, depositors of GulfSouth Private 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, GulfSouth Private Bank had approximately $159.1 million in total assets and $151.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, SmartBank agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at  1-800-822-7182. 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; on Monday from 8 a.m. to 8 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT.

If you should have ant further questions please do not hesitate to visit the FDIC web page for GulfSouth Private Bank.