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

Account(s): What about my account with Waterford Village Bank?

If you had an account with Waterford Village Bank, you now have an account with Evans Bank, National Association, Angola, NY. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Evans Bank, National Association, regardless of the dollar amount. No one lost any money on deposit in Waterford Village Bank.

Customers of both banks should continue to use their existing branches until Evans Bank, National Association can fully integrate the deposit records of Waterford Village Bank.

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Waterford Village Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at Evans Bank, National Association: I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Evans Bank, National Association will be separately insured for at least six months after the merger.  This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed 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.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

All interest on insured deposits accrued through Friday, July 24, 2009, will be paid at your same rate. Evans Bank, National Association will review rates and notify you if rates will change.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.

Loans/mortgages: What about my loan or mortgage with Waterford Village Bank?

All mortgages and loans have been assumed by Evans Bank, National Association. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to Waterford Village Bank and send your payments to the same address.

Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

Outstanding Checks: What about checks that I have written on my account with Waterford Village Bank?

Your checks will clear up to the available balance in your account.  You can continue to use your existing checks.

Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

Shareholders: What about my shares of stock?

Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep our office informed of any address change, should we need to contact you in the future.

Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All claims against Waterford Village Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address: