Arcola Homestead Savings Bank, Arcola, Illinois was closed Friday, June
4, 2010, by the Illinois Department of Financial and Professional Regulation
- Division of Banking. Subsequently, the Federal Deposit Insurance Corporation
(FDIC) was appointed Receiver. According to regulatory policy, there
is no advance notice given to the public.
No one lost any insured deposits as a result of the closure of Arcola Homestead
Savings Bank. An assuming bank could not be located; therefore, the FDIC
will fulfill its obligation to insured depositors by providing checks
for their insured amount.
Customers with SAVINGS, IRA, and CD accounts will have their check mailed
to them on June 7, 2010, to their address on record with Arcola Homestead
Savings Bank.
Customers in Douglas County, IL and Coles County, IL with DEMAND, NOW, or
MONEY MARKET accounts can pick up their insured funds check at First
Mid-Illinois Bank and Trust, 249 West Springfield Road, Arcola, IL 61910 between Monday,
June 7 and Saturday, June 12, 2010. Bank hours are 8:30 AM – 4:00 PM
Monday through Thursday, 8:30 AM – 5:00 PM on Friday, and 8:30 – 12:00
Noon on Saturday. If funds have not been picked up by Saturday, June 12th,
2010, checks will be mailed no later than Tuesday, June 15, 2010, to the
address on record with Arcola Homestead Savings Bank.
Customers outside of Douglas County, IL and Coles County,
IL with DEMAND,
NOW or MONEY MARKET accounts will have their check automatically
mailed to them on June 7, 2010 and will not be able to pick up funds at First
Mid-Illinois
Bank.
Federal government direct deposits, including social security checks and
other U. S. Treasury deposits, will be redirected to First Mid-Illinois Bank
and Trust until July 6, 2010. Please call 1-217-268-5700 for further information.
Customers may receive a phone call or an e-mail notification from the FDIC
providing information about the bank closing. However, the FDIC will not
try to obtain any private information including claiming/unlocking/unsuspending
accounts. Please be watchful and resist any scams to obtain information
from you by anyone purporting to act on behalf of Arcola Homestead Savings
Bank,
First Mid-Illinois Bank and Trust, or the FDIC.
DEPOSIT QUESTIONS
Over $250,000: What if I have more than $250,000
in my accounts at Arcola Homestead Savings Bank?
If you have more than $250,000 in your account or if the total of your
related accounts exceeds $250,000, your accounts may require review by
an FDIC Claims Agent. You should call the FDIC to schedule a telephone appointment
with an FDIC Claims Agent at 1-800-238-8209. You may need
to complete certain declarations or affidavits and provide documentation
so
that the FDIC can make an insurance determination on your account(s).
If you are an investor with a deposit broker, you may need to complete
one of these forms only if your investment exceeds $250,000. However, you
must mail your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000 you DO NOT need to complete these
documents or contact the FDIC.
An account hold may be placed on an account due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form
may be required to attest to the parties involved in a trust. These forms
can be mailed to you, or you can access them online at:
If you have a question regarding the completion of required affidavits
or declarations, this website contains samples and instructions for completing
the declarations. If your question is not resolved by going to the website,
please call 1-800-238-8209 and indicate you have a form completion question.
Account Hold: I have been advised there is a hold on my account. What does that mean?
It is possible a depositor's account was held due to delinquent loans
where the depositor is the borrower or guarantor. Additionally, any account
pledged as collateral for a loan will continue to be held. A letter will
be sent informing you of any holds placed by the FDIC, along with instructions
on how to proceed. If you have any questions regarding these holds, please
call your loan officer or the FDIC at the number provided in the letter.
Another reason an account hold may be placed is due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form
may be required to attest to the parties involved in the trust. Please contact
the FDIC at 1-800-238-8209 to schedule
a telephone appointment.
Account Insurance Status: Is my account fully insured? Is there a method
to verify whether my account(s) at Arcola Homestead Savings Bank are fully insured?
A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp),
is available that allows failed bank customers the ability to verify whether their account is fully
insured or if they need to contact the FDIC. This service will be available for use no later
than the first business day after the bank's failure. Once you enter your account number, your
insurance status for that account will appear. If there is a hold on your account, it may be due
to the need for the additional documentation referenced in question number one. If
there is a hold, you will need to contact the FDIC at 1-800-238-8209
to schedule a telephone appointment.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
No. All accounts have been closed. Customers with SAVINGS, IRA, and CD
accounts will have their check mailed to them on June 7, 2010, to their
address on record with Arcola Homestead Savings Bank.
Customers in Douglas County, IL and Coles County, IL with DEMAND, NOW,
or MONEY MARKET accounts can pick up their insured funds check at First
Mid-Illinois Bank and Trust, 249 West Springfield Road, Arcola, IL 61910
between Monday, June 7 and Saturday, June 12, 2010. Bank hours are 8:30
AM – 4:00 PM Monday through Thursday, 8:30 AM – 5:00 PM on Friday,
and 8:30 – 12:00 Noon on Saturday. If funds have not been picked up
by Saturday, June 12th, 2010, checks will be mailed no later than Tuesday,
June 15, 2010, to the address on record with Arcola Homestead Savings Bank.
Customers outside of Douglas County, IL and Coles County,
IL with DEMAND, NOW or MONEY MARKET accounts will have their check automatically
mailed to them on June 7, 2010 and will not be able to pick up
funds at
First Mid-Illinois Bank.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Insured brokered deposits will be paid off when the insurance determination
is complete. The FDIC offers an on-line reference guide to deposit
brokers acting as agents for their investor clientele. This site outlines
the FDIC’s policies and procedures that must be followed by
deposit brokers when filing for pass-through insurance coverage on
custodial accounts in a failed FDIC-insured bank. Please read the
following Deposit Broker Processing Guide completely before contacting
the FDIC with questions: http://www.fdic.gov/deposit/deposits/brokers/index.html.
Should you have any questions regarding the completion of required affidavits
or declarations on behalf of your client, please call 1-800-238-8209
and indicate you have a form completion question.
If you are a customer who has an Arcola Homestead Savings Bank deposit
through a broker, you must contact your broker with any questions. Once
the FDIC receives a balanced investor file along with all the required
documentation, from your broker, your insured funds will be wired to them
on your behalf.
Checks not honored: A merchant will not honor my check. What can I do?
All checks will be returned and stamped “Bank Closed.” This
document is a letter you can provide to your creditors explaining
that checks were returned through no fault of your own due to
the bank closing, and this is no reflection on you.
Customers with SAVINGS, IRA, and CD accounts will have their check mailed
to them on June 7, 2010, to their address on record with Arcola Homestead
Savings Bank.
Customers in Douglas County, IL and Coles County, IL with DEMAND, NOW,
or MONEY MARKET accounts can pick up their insured funds check at First
Mid-Illinois Bank and Trust, 249 West Springfield Road, Arcola, IL 61910
between Monday, June 7 and Saturday, June 12, 2010. Bank hours are 8:30
AM – 4:00 PM Monday through Thursday, 8:30 AM – 5:00 PM on
Friday, and 8:30 – 12:00 Noon on Saturday. If funds have not been
picked up by Saturday, June 12th, 2010, checks will be mailed no later
than Tuesday, June 15, 2010, to the address on record with Arcola Homestead
Savings Bank.
Customers outside of Douglas and Coles County with DEMAND,
NOW or MONEY MARKET accounts will have their check automatically
mailed to them on June 7, 2010 and will not be able to pick up funds
at First
Mid-Illinois Bank.
Please be advised that this money will be turned over to
your state as unclaimed property if the insurance check is not cashed
within 18 months. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed
property.
Government direct deposits, including social security checks,
will be redirected to First Mid-Illinois Bank and Trust until
July 6th, 2010. Please contact First Mid-Illinois Bank at
1-217-268-5700 for further
information.
All accounts have been closed. Customers with SAVINGS, IRA, and CD accounts
will have their check mailed to them on June 7, 2010, to their address
on record with Arcola Homestead Savings Bank.
Customers in Douglas County, IL and Coles County, IL with DEMAND, NOW,
or MONEY MARKET accounts can pick up their insured funds check at First
Mid-Illinois Bank and Trust, 249 West Springfield Road, Arcola, IL 61910
between Monday, June 7 and Saturday, June 12, 2010. Bank hours are 8:30
AM – 4:00 PM Monday through Thursday, 8:30 AM – 5:00 PM on
Friday, and 8:30 – 12:00 Noon on Saturday. If funds have not been
picked up by Saturday, June 12th, 2010, checks will be mailed no later
than Tuesday, June 15, 2010, to the address on record with Arcola Homestead
Savings Bank.
Customers outside of Douglas and Coles County with DEMAND
CHECKING, NOW or MONEY MARKET accounts will have their check automatically
mailed
to them on June 7, 2010 and will not be able to pick up funds
at First Mid-Illinois Bank.
Federal government direct deposits, including social security
and other U. S Treasury checks, will be redirected to First
Mid-Illinois Bank and Trust until July 6th, 2010. Please call
First Mid-Illinois Bank
at 1-217-268-5700 for further information.
If you had a loan with the bank, continue to make your checks payable
to Arcola Homestead Savings Bank and mail to the same address you have
used in the past until you are instructed otherwise.
Direct Deposits, Social Security: What will happen to my direct deposits?
The FDIC has arranged for federal government direct deposits, including
Social Security and other U.S. Treasury checks, to be redirected
to First Mid-Illinois Bank and Trust until July 6th, 2010.
These will be processed
at the same time they have been processed in the past. You
may contact First Mid-Illinois at
1-217-268-5700.
You should make arrangements with another financial institution as soon
as possible to transfer any direct deposits. Please see below for links
to the most common senders of government direct deposits:
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
maturity?
Your CD will automatically be closed, and your insurance check will be
mailed on Monday, June 7th, 2010. You will not be assessed
an early withdrawal penalty.
Interest: Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through Friday, June 4th, 2010,
will be paid at your same rate. This will be included in the insurance
check you will receive from the FDIC.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
No, these checks will not clear; Interest Checks, that have not been cashed,
will be replaced with a new check issued by FDIC and mailed
on June 7th, 2010, to the address on record with Arcola Homestead Savings
Bank.
Accrued interest through Friday, June 4th, 2010, will be included
in your insurance check. If you have more than $250,000 in
your account, or if the total of your related accounts exceeds
$250,000, your accounts
may require review by an FDIC Claims Agent before you are mailed
a check. You should call the FDIC to schedule a telephone appointment
with an FDIC
Claims Agent at 1-800-238-8209.
Official items without adequate mailing information may
need to be replaced, if the amount is within the insurance
limit for the depositor, please contact the FDIC at 1-949-208-6690
to determine if your
check can be replaced.
IRAs: What if I have an Individual Retirement
Account (IRA)? Will my savings still be insured?
From the date a check is issued to you from your IRA, you have
60 days to roll this over into another retirement vehicle. You should
consult IRS Publication 590 and/or your tax advisor concerning the
possible tax consequences of such distribution. This publication
specifically addresses this situation; therefore, you should review
it carefully. IRS Publication 590 may be obtained by contacting your
local IRS office or via the Internet at www.irs.gov.
IRA funds are insured separately from other types of accounts up to $250,000.
IRA checks for the insured amount will be mailed on Monday, June 7th, 2010,
to your address on record with the bank.
Lose Any Money: Will I lose anything on my
deposit account?
Principal and interest on insured accounts, through Friday,
June 4, 2010, are protected
by the FDIC, to at least $250,000. Certain entitlements
and different types of deposits can be insured in excess of the $250,000.
If you have more than $250,000 in your account (or $250,000
in your IRA), or if the total of your related
accounts exceeds $250,000, your accounts may require review by an FDIC
Claim Agent.
All accounts that appear to be related are reviewed to determine
ownership and insurance coverage. See question number
one for information regarding
forms you may need to complete to expedite this process.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks that were drawn on Arcola Homestead Savings Bank that did not clear
before the institution closed will be returned indicating “Bank Closed.” This
document is a letter you can provide to your creditors
explaining the bank was closed, and checks have been returned through no
fault of your own. You should contact your vendors as soon as possible.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
The FDIC will be responsible for mailing your 1099 tax information.
Your 1098 reporting will be done by the FDIC or the servicer
of your loan. You will be notified of any changes in ownership
or servicing of your loan.
If you have a loan in the same name as your uninsured deposit account, it may be possible
to offset your uninsured amount against your loan. You should discuss this with your claim
agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will mail you a Receivership
Certificate. This certificate entitles you to share proportionately in any funds recovered through
the sale of the assets of Arcola Homestead Savings Bank. You may eventually recover more of your uninsured funds
as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance Corporation ("FDIC") is
appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the
depositors and its creditors. The money generated by the sale of these assets will flow through the
Receivership, and periodic dividend payments will be made to proven claimants when excess cash is
available. For an explanation of the dividend process, go to
FDIC Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Of course, you will receive full payment for your insured amount from
First Mid-Illinois or by check.
If you have a deposit through a broker, your insured funds will be wired to your
broker on your behalf once the FDIC receives all required documentation from your broker.
Escrows: Who is my lender and has my loan contact
changed?
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes or insurance
were not paid, please notify your loan officer immediately.
Foreclosures: Will the FDIC continue foreclosures
in process?
At this point, all foreclosure actions have been suspended in order to
properly evaluate the loans and the borrowers’ ability to repay.
It is our intention to sell all loans, and it will be up to the new owner
to determine the best method of collection on the loan. There may be instances
where FDIC will continue with the foreclosure process, but this will be
done on a case-by-case basis. .
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all
of the same personnel with whom you have worked in the past. All prior
contacts remain the same.
Your loan may be sold at a future date. If that occurs, you
will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer
will be, you have the right to independently refinance
your loan with another lender.
Line of Credit Advances – Home Equity: Can
I continue to obtain advances on my personal line of credit?
No. All lines of credit, including Home Equity Lines of Credit (HELOCs),
have been suspended. You should contact another financial institution to
discuss establishing a borrowing relationship.
Payments: How/where do I make my payments?
Can I still pay by phone or at the branch?
You should continue to make your payments as agreed. Make checks payable
to Arcola Homestead Savings Bank and utilize the same payment address information.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Arcola Homestead Savings Bank has control of the asset, and the borrower
obtains refinancing of the outstanding balance on the account
with another financial institution.
Each loan is currently being reviewed independently to determine the best
action for that individual loan. Your loan may be sold at a future date.
If that occurs, you will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer may be,
you have the right to independently refinance your loan with another lender.
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is some transactions but not in others?
When a buyer cannot be found for a failed bank, the FDIC honors its obligation
to insured depositors by mailing an insurance check or transferring insured
funds to a paying agent bank.
Shareholders: I am a shareholder. What happens to my shares?
The Arcola Homestead Savings Bank had no publicly owned stock. Equity shareholders
were invested in the holding company, Arcola Holdings, Inc, Bourbonnais,
Illinois and not in the bank. Please do not file a claim with the Receiver,
rather contact the holding company with any questions you may have:
Arcola Holdings, Inc.
1618 Waterberry Drive
Bourbonnais,
IL 60914
Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
