July 2, 2009: The Elizabeth State Bank,
Elizabeth, IL was closed by the Illinois Department of Financial and
Professional Regulation, Division of Banking. The Federal Deposit
Insurance Corporation (FDIC) was named Receiver.
As of April 30, 3009, The Elizabeth State Bank had total assets of $55.5 million and total deposits of approximately $50.4 million.
The FDIC entered into a purchase and assumption agreement with Galena State Bank and Trust, Galena, Illinois, to assume all of the deposits of The Elizabeth State Bank.
All deposit accounts have been transferred to Galena State Bank and Trust Company, and are available immediately. On Monday, July 6, 2009, the two former The Elizabeth State Bank locations reopened as branches of Galena State Bank and Trust Company.
Transferred deposits will be separately insured from any accounts you may already have at Galena State Bank and Trust Company for six months after the failure of The Elizabeth State Bank. All interest accrued through Thursday, July 2, 2009, will be paid at your same rate; however Galena State Bank and Trust Company will be reviewing rates.
Bank & Trust Company
Galena State Bank and Trust paid a premium of 1.0 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Galena State Bank and Trust agreed to purchase approximately $52.3 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC and Galena State Bank and Trust entered into a loss-share transaction on approximately $44.5 million of The Elizabeth State Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million.
For additional information and assistance contact the FDIC at:1-800-591-2820; or go to: http://www.fdic.gov/bank/individual/failed/elizabeth.html
|2009 FDIC Insured Failed Banks|
The Elizabeth State Bank
151 Main Street
Elizabeth, IL 61028
|Assets: $56 million|
|Deposits: $50 million|
|Cost to FDIC: $11 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 The
The Elizabeth State Bank 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
|History: Established on 12/1/1909 as The Elizabeth State Bank.|