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Insurance Corporation

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First National Bank of Blanchardville, Blanchardville, WI, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Receivership Termination
I.  Introduction
On May 9, 2003, First National Bank of Blanchardville ("FNBB"), Blanchardville, WI was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, mad all dividend distributions as required by law and the receivership estate is deemed terminated.
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II.  Press Release
The FDIC has issued a press release about the institution’s closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.

PR-47-2003 FDIC Announces Receivership of First National Bank of Blanchardville, Blanchardville, WI

PR-48-2003 FDIC Approves the Assumption of the Insured Deposits of the First National Bank of Blanchardville, Blanchardville, WI

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III.  Acquiring Financial Institution

All insured deposit accounts have been transferred to The Park Bank, Madison, WI ("assuming institution") and will be available immediately. Your bank will re-open during regular business hours on Monday, May 12, 2003.

Principal and interest on insured accounts, through May 9, 2003, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $100,000 limit.

If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of FNBB. This means that you may eventually recover some of your uninsured funds.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If it appears that you have potentially uninsured funds, an FDIC Claims Agent will contact you, by either telephone or mail, regarding your account(s). Or, you may call 877-289-2088 and arrange a personal meeting with a Claims Agent.

Your transferred deposits will be separately insured from any accounts you may already have at The Park Bank for six months after the failure of FNBB. Checks that were drawn on FNBB that did not clear before the institution closed [[will/will not]] be honored. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 1-877-289-2088.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with The Park Bank (provided the deposits are not pledged as collateral for loans).

For all questions regarding new loans and the lending policies of The Park Bank, please visit their web site at: http://www.parkbank.com

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

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IV.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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V.  Dividend Information
Dividend History on First National Bank of Blanchardville

Dividend Information on Failed Financial Institutions
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VI.  Receivership Termination
The FDIC as Receiver for First National Bank of Blanchardville has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership on January 21, 2009.

The Receiver has made all dividend distributions required by law.

Effective August 1, 2009, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.
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Last Updated 06/05/2012 Customer Service