May 30, 2008:
First Integrity Bank NA, Staples, MN was closed by the Office of the
Comptroller of the Currency (OCC). The Federal Deposit Insurance
Corporation (FDIC) was named Receiver.
First Integrity had $54.7 million in assets and $50.3 million in deposits as of March 31, 2008.
Depositors of First Integrity will automatically become depositors of First International Bank and Trust, and will continue to have uninterrupted access to their deposits.
All deposit accounts have been transferred to First International Bank and Trust, Watford City, ND. Transferred deposits will be separately insured from any accounts you may already have at First International Bank and Trust for six months after the failure of First Integrity.
First International Bank
In addition to assuming all of the deposits of the failed bank, First International purchased $35.8 million of First Integrity's assets for a total premium of $2.03 million. The FDIC will retain approximately $18.9 million in assets for later disposition.
The FDIC estimates that the cost to its Deposit Insurance Fund is approximately $2.3 million.
For additional information and assistance contact the FDIC at: 800-331-6306 or go to: http://www.fdic.gov/bank/individual/failed/first_integrity_bank.html
|2008 FDIC Insured Failed Banks|
111 N.E. Fourth Street
Staples, MN 56479
Established in 1920 as
Staples State Bank
|Assets: $54.7 million|
|Deposits: $50.3 million|
|Cost to FDIC: $2.3 million|
|Insured Deposits: You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First International Bank and Trust as long as the deposits are not pledged as collateral for loans. All deposit account histories and records will be transferred to your assuming institution. Contact a representative of First International Bank and Trust at the Staples branch at 212-894-1522 or the Motley branch at 218-352-6284|
|Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balances as if no change had occurred. First International Bank and Trust will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact First International Bank and Trust, Customer Service Department, at the Staples branch at 218-894-1522 or the Motley branch at 218-352-6284|
|Loans: If you had a loan with First Integrity Bank, NA, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice|
|Forms: The FDIC Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim:|
|Interest: After May 30, 2008, your account will earn interest at a rate determined by First International Bank and Trust. You will be notified by letter regarding this matter.|
|Automatic Deposits: Your automatic direct deposits and/or automatic withdrawals should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account and to insure that service is not delayed or discontinued.|
If you provided a service for First Integrity Bank, NA 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 in 1920 as Staples State Bank
1991 Changed name to First Integrity Bank
1992 Acquired Peoples State Bank Of Frazee
1998 Changed name to First Integrity Bank, National Association
2008 Merged with government financial assistance and subsequently operated as part of First International Bank & Trust