The 3 banks as reported by the FDIC are as follows:
1. TierOne Bank Lincoln, NE
TierOne Bank, Lincoln, Nebraska, was closed Friday, June 4, 2010, by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Western Bank, Sioux Falls, South Dakota, to assume all of the deposits of TierOne Bank.2. Arcola Homestead Savings Bank Arcola, IL
The 69 branches of TierOne Bank will reopen during normal business hours beginning Saturday as branches of Great Western Bank. Depositors of TierOne Bank will automatically become depositors of Great Western 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 of TierOne Bank should continue to use their existing branch until they receive notice from Great Western Bank that it has completed systems changes to allow other Great Western Bank branches to process their accounts as well.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $297.8 million. Great Western Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. TierOne Bank is the 81st FDIC-insured institution to fail in the nation this year, and the first in Nebraska. The last FDIC-insured institution closed in the state was Sherman County Bank, Loup City, on February 13, 2009.
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Arcola Homestead Savings Bank, Arcola, Illinois. The bank was closed Friday, June 4, 2010, by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the FDIC as receiver.3. First National Bank Rosedale, MS
The FDIC was unable to find another financial institution to take over the banking operations of Arcola Homestead Savings 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.
On Monday, the FDIC will mail checks to customers for their insured funds in savings accounts, IRAs and certificates of deposit (CDs). As a convenience to local depositors, the FDIC has made arrangements for the insured funds in checking, NOW and Money Market accounts to be transferred to the Arcola branch of First Mid-Illinois Bank & Trust, National Association, located at 249 W. Springfield Road. Customers will have access to their checking, NOW and Money Market account funds at this branch between Monday, June 7 and Saturday, June 12. It is important to note, however, that customers of Arcola Homestead Savings Bank will no longer be able to write checks and must come in person to either claim their money or set up a new account. After June 12, the FDIC will mail any remaining funds to the owner of these accounts.
As of March 31, 2010, Arcola Homestead Savings Bank had approximately $17.0 million in total assets and $18.1 million in total deposits. At the time of closing, there did not appear to be any uninsured funds.
First National Bank, Rosedale, Mississippi, was closed Friday, June 4, 2010, 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 The Jefferson Bank, Fayette, Mississippi, to assume all of the deposits of First National Bank.
The sole branch of First National Bank will reopen on Monday as a branch of The Jefferson Bank. Depositors of First National Bank will automatically become depositors of The Jefferson 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 of First National Bank should continue to use their existing branch until they receive notice from The Jefferson Bank that it has completed systems changes to allow other The Jefferson Bank branches to process their accounts as well.
This evening and over the weekend, depositors of First National Bank can access their money by writing checks. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2010, First National Bank had approximately $60.4 million in total assets and $63.5 million in total deposits. The Jefferson Bank did not pay the FDIC a premium for the deposits of First National Bank. In addition to assuming all of the deposits of the failed bank, The Jefferson Bank agreed to purchase essentially all of the assets.
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