February 13, 2009:
Corn Belt Bank and Trust Company, Pittsfield, IL was closed by the
Illinois Department of Financial and Professional Regulation, Division of
Banking. The Federal Deposit Insurance Corporation (FDIC) was named
As of December 31, 2008, Corn Belt Bank and Trust Company had total assets of approximately $271.8 million and total deposits of $234.4 million.
The FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company. All non-brokered deposit accounts have been transferred to The Carlinville National Bank, and are available immediately. On Tuesday, February 17, 2009, both former Corn Belt Bank and Trust Company locations reopened as branches of The Carlinville National Bank.
The Carlinville National Bank will not assume $92 million in brokered deposits held by Corn Belt Bank and Trust Company. The FDIC will pay the brokers directly for the amount of their insured funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.
Transferred deposits will be separately insured from any accounts you may already have at The Carlinville National Bank for six months after the failure of Corn Belt Bank and Trust Company.
All interest accrued through Friday, February 13, 2009, will be paid at your same rate; however The Carlinville National Bank will be reviewing rates.
The Carlinville National
The Carlinville National Bank will pay the FDIC a premium of 1.75 percent. In addition to assuming all of the deposits of Corn Belt Bank and Trust Company, The Carlinville National Bank agreed to purchase approximately $60.7 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $100 million.
For additional information and assistance contact the FDIC at: 1-800-822-0412; or go to: http://www.fdic.gov/bank/individual/failed/cornbelt.html
|2009 FDIC Insured Failed Banks|
Corn Belt Bank &
643 West Washington Street
Pittsfield, IL 62363
|Assets: $272 million|
|Deposits: $234 million|
|Cost to FDIC: $100 million|
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for Corn
Belt Bank and Trust Company and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
Established on 10/25/1946 as State Bank Of Nebo
10/28/1980: Changed name to The Nebo Bank And Trust Company
6/29/1983: Changed name to Corn Belt Bank And Trust Company