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The following questions and answers represent the most commonly asked questions by
customers of the failed bank. |
- Over $100,000:
What if I had more than $100,000 in my accounts at First Integrity Bank?
- Lose Any Money?
Will I lose anything on my deposit account?
- Uninsured:
Will I collect my uninsured deposits?
- What happened? What
happened, why did the bank fail?
- Why? Why was this action taken?
- Customer Impact:
How does this action affect me?
- Claim Account(s): How
do I claim my account(s)?
- ATM/Debit Card/Checks:
Can I continue to write checks or use my ATM/Debit card?
- Final Statement:
How will I get my final statement(s) from First Integrity Bank?
- Interest:
Will I continue to earn interest at the same rate?
- IRAs:
What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
- Wire Transfer:
Can funds be wired to me?
- Interest Check/Cashier's Checks:
Can I cash my interest check or
cashier's check?
- Records/Account Histories:
What if I need information regarding my account during the time
First Integrity Bank was in business?
- Direct Deposits - Government Deposits:
What will happen to my direct deposits?
- Outstanding Checks:
What will happen to the checks which have not cleared my account?
- Loans:
How do I make my loan payments?
- FDIC Insurance:
Where can I find out more information about Federal Deposit Insurance rules?
- Safe Deposit Boxes:
How can I claim the contents of my safe deposit box?
- Unpaid Bill:
I did some work for First Integrity Bank and have not yet been paid. What should I do?
- Deposit Broker/Brokered Deposits:
I am a deposit broker or or I have a deposit through a broker. What do I need to do?
- Tax Reporting - 1098/1099s:
Who will send my 1098 and/or 1099 information after the end of the year?
- Media:
I represent a TV/Newspaper/Radio and would like some information.
- New Bank Insured?
Is the new bank insured by the FDIC.
- Deposits Existing at Assuming Bank:
I already have other deposit accounts with the new bank. When combined with the balances at this
bank, my deposits exceed $100,000. Are all of my funds at both banks insured?
- Online Banking:
Will my internet connection continue to work?
- Automatic
Bill Pay:
Will my loan payments through online banking continue?
- Checks not honored:
A merchant will not honor my check. What can I do?
- Early withdrawal penalty:
Will I incur an early withdrawal penalty if I close my CD before maturity?
- Account Hold:
I have been advised there is a hold on my account. What does that mean?
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| 1. What
if I had more than $100,000 in my accounts at First Integrity Bank?
|
| All deposit accounts have been transferred to First International
Bank and Trust, based in Watford City, ND, and now with the newly acquired
branches in Staples and Motley, MN. The bank's drive-up lanes will
open on Saturday, May 31 during normal hours or 8:30 - 11:30 am, as will the
lobbies at the Staples and
Motley locations. |
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| 2. Will I lose anything on my deposit account? |
| No. |
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| 3. Will I collect my
uninsured deposits? |
| There are no uninsured deposits. All deposits
have transferred to First International Bank and Trust. |
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4. What happened, why did the bank fail? |
| As of Friday, May 30, 2008, First Integrity Bank,
Staples, MN was closed by the Office of the Comptroller of the Currency (OCC).
Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed
Receiver. According to regulatory policy,
there is no advance notice given to the public. The good news is that
no depositor lost any money as a result of the closure of First Integrity
Bank. To protect depositors, the FDIC Board of Directors approved the assumption
of all First Integrity Bank deposits by First International Bank and Trust
of Watford City, ND. |
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|
5. Why was this action taken? |
| Please see the OCC press release for more information. The OCC assumed possession of the bank and appointed the FDIC as Receiver. |
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6. How does this action affect me?
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| All deposits have been transferred to First International Bank and
Trust, and it will be business as usual. If you held an account
at First Integrity Bank, you now have an account at First International Bank and Trust. You will be notified
of any changes to your account, including any new signature cards or forms, by
First International Bank and Trust. |
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7. How do I claim my account(s)? |
| A deposit insurance payment of funds has already been transferred to
First International Bank and Trust. Please be advised that if there is no activity in
your account in the next 18 months, that money could be returned to the
FDIC and eventually escheated to your state. |
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|
8. Can I continue to
write checks or use my ATM/Debit card? |
| You will be able to continue using your personal checks at this time,
and your ATM/Debit card will continue to work. You will receive a mailed notice from
First International Bank and Trust in the next week regarding your transferred accounts. You
may receive new checks and new account numbers in the future, and the
assuming bank, will notify you of changes in the future.
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9. How will I get my final statement(s) from
First Integrity Bank? |
| A final statement will be mailed to you at the
address on record at the bank.
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| 10.
Will I continue to earn interest at the same rate? |
| All interest accrued through May 30, 2008, will be paid at
your same rate. First International Bank and Trust will be reviewing rates and will provide
further information soon. |
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| 11.
What if I have an Individual Retirement Account (IRA)? Will my savings still be insured? |
| Yes. All deposits, including IRAs transferred in their
entirety to First International Bank and Trust. |
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| 12.
Can funds be wired to me? |
| Please contact First International Bank and Trust at 701-842-2381,
extension 376, to
obtain information regarding your wire request. |
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| 13.
Can I cash my interest check or cashier's check? |
| Interest checks and cashier's checks will continue to clear. |
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| 14.
What if I need information regarding my account during the time First Integrity
Bank was in business?
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| All deposit account histories and records are in the process of being passed to
First International Bank and Trust. Please contact a representative of First International Bank and Trust Customer Service at the Staples branch at 218-894-1522 or the Motley branch at 218-352-6284 to obtain a copy of any records you may need. |
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| 15.
What will happen to my direct deposits? |
| Direct Deposits will continue as normal. If you need to change anything in the future,
please contact First International Bank and Trust to make those arrangements.
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| When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity
date after the end of the six-month grace period. CDs that mature during the
six-month period and are renewed for the same term and in the same dollar amount
(either with or without accrued interest) continue to be separately insured
until the first maturity date after the six-month period. If a CD matures during
the six-month grace period and is renewed on any other basis, it would be separately
insured only until the end of the six-month grace period.
For additional information, please go to the FDIC
website at Electronic Deposit Insurance Estimator (EDIE). |
