Each depositor insured to at least $250,000 per insured bank



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Failed Bank Information
Question and Answer Sheet for First Integrity Bank, Staples, MN
The following questions and answers represent the most commonly asked questions by customers of the failed bank.
  1. Over $100,000:  What if I had more than $100,000 in my accounts at First Integrity Bank?
  2. Lose Any Money?  Will I lose anything on my deposit account?
  3. Uninsured:  Will I collect my uninsured deposits?
  4. What happened?  What happened, why did the bank fail?
  5. Why? Why was this action taken?
  6. Customer Impact:  How does this action affect me?
  7. Claim Account(s):  How do I claim my account(s)?
  8. ATM/Debit Card/Checks:  Can I continue to write checks or use my ATM/Debit card?
  9. Final Statement:  How will I get my final statement(s) from First Integrity Bank?
  10. Interest:  Will I continue to earn interest at the same rate?
  11. IRAs:  What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
  12. Wire Transfer:  Can funds be wired to me?
  13. Interest Check/Cashier's Checks:  Can I cash my interest check or cashier's check?
  14. Records/Account Histories:  What if I need information regarding my account during the time First Integrity Bank was in business?
  15. Direct Deposits - Government Deposits:  What will happen to my direct deposits?
  16. Outstanding Checks:  What will happen to the checks which have not cleared my account?
  17. Loans:  How do I make my loan payments?
  18. FDIC Insurance:  Where can I find out more information about Federal Deposit Insurance rules?
  19. Safe Deposit Boxes:  How can I claim the contents of my safe deposit box?
  20. Unpaid Bill:  I did some work for First Integrity Bank and have not yet been paid. What should I do?
  21. Deposit Broker/Brokered Deposits:  I am a deposit broker or or I have a deposit through a broker. What do I need to do?
  22. Tax Reporting - 1098/1099s:  Who will send my 1098 and/or 1099 information after the end of the year?
  23. Media:  I represent a TV/Newspaper/Radio and would like some information.
  24. New Bank Insured?  Is the new bank insured by the FDIC.
  25. 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?
  26. Online Banking:  Will my internet connection continue to work?
  27. Automatic Bill Pay:  Will my loan payments through online banking continue?
  28. Checks not honored:  A merchant will not honor my check. What can I do?
  29. Early withdrawal penalty:  Will I incur an early withdrawal penalty if I close my CD before maturity?
  30. Account Hold:  I have been advised there is a hold on my account. What does that mean?
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?
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?
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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16.   What will happen to the checks which have not cleared my account?
Checks that were drawn on First Integrity Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
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17.   How do I make my loan payments?
You should continue to make your payments according to the terms of your note. 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 sent to the same address until further notice. You will be notified by mail of any changes.  All loans have transferred to First International Bank and Trust.
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18.   Where can I find out more about Federal Deposit Insurance rules?
You may access the FDIC website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE).
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19.   How can I claim the contents of my safe deposit box?
It is business as usual.  Appointments can be made by calling the Staples branch at 218-894-1522 or the Motley branch at 218-352-6284.
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20.   I did some work for First Integrity Bank and have not yet been paid. What should I do?
Please mail a statement to:

FDIC as Receiver for First Integrity Bank
1601 Bryan Street
Dallas, TX 75201
Attn: Claims Department

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21.   I am a deposit broker or I have a deposit through a broker.  What do I need to do?
All deposits have passed to First International Bank and Trust.  You should contact them for any future changes or agreements.
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22.   Who will send my 1098 and/or 1099 information after the end of the year?
First International Bank and Trust will be responsible for mailing your tax information.
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23.   I represent a TV/Newspaper/Radio and would like some information.
Please speak with:

David Barr of the Office of Public Affairs at 202-898-6992 or dbarr@fdic.gov.

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24.   Is the new bank insured by the FDIC?
Yes, Your deposit at First International Bank and Trust is insured by the FDIC, and each depositor is insured to at least $100,000, as established by law.
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25.   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?
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).

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26.   Will my internet connection continue to work?
Yes, it will be business as usual.
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27.   Will my loan payments through online banking continue?
Yes, your online transactions can continue as usual. If any changes are made in the future, you will be contacted by First International Bank and Trust.
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28.   A merchant will not honor my check. What can I do?
A copy of this document or the FDIC press release, PR-41-2008, can be provided as it states deposits have been transferred, and it is business as usual. Copies of this press release will be available at the bank. Depositors or merchants call also call 218-894-1522.
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29.   Will I incur an early withdrawal penalty if I close my CD before maturity?
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, provided the deposits are not pledged as collateral for loans.
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30.   I have been advised there is a hold on my account. What does that mean?
Holds will be in place if your account had been pledged as collateral for a loan.
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Last Updated 08/16/2012 Customer Service