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