Failed Bank Information for Ericson State Bank, Ericson, NE
On Friday, February 14, 2020, Ericson State Bank was closed by the Nebraska Department of Banking and Finance. The FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. Farmers and Merchants Bank, Milford, NE acquired all deposit accounts and $9.6 million of the assets.
At a Glance
Official press release
Available at quarter end
None paid to date
Beware of scams!
Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
If you had a deposit account:
The full balance of all deposit accounts has been transferred to Farmers and Merchants Bank.
You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
If you had a loan:
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.
If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If your loan is currently in process or you had a line of credit, contact your loan officer.
If you are owed money for a service or product provided:
You may be eligible to file a claim against Ericson State Bank.
If you have not been paid for services rendered prior to February 14, 2020, please refer to the Filing Claims section below.
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
ACQUIRING INSTITUTION: FARMERS AND MERCHANTS BANK
About Farmers and Merchants Bank
All deposit accounts, including brokered deposits, have been transferred to Farmers and Merchants Bank, Milford, NE ("assuming institution") and will be available immediately. The former Ericson State Bank location will reopen as branch of Farmers and Merchants Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Farmers and Merchants Bank for at least six months after the failure of Ericson State Bank. Checks that were drawn on Ericson State Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
All interest accrued through Friday, February 14, 2020 will be paid at your same rate. Farmers and Merchants Bank will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Farmers and Merchants Bank as long as the deposits are not pledged as collateral for loans.
Contacting Farmers and Merchants Bank
You can contact Farmers and Merchants Bank:
Farmers and Merchants Bank
617 First Street
Milford, NE 68405
Farmers and Merchants Bank (www.bankfmb.com)
Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution.
Report on the bids to purchase the failed bank.
As an All Deposits transaction, the total of all deposit accounts, including brokered deposits, has been assumed by Farmers and Merchants Bank.
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Farmers and Merchants Bank.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). Farmers and Merchants Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
All direct deposits, for example, social security checks, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
These lines have been transferred to Farmers and Merchants Bank. Please contact Farmers and Merchants Bank if you have additional questions regarding your accounts.
Safe Deposit Boxes
You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by Farmers and Merchants Bank.
Tax Reporting - 1098 and/or 1099
Farmers and Merchants Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
If you or your company provided a service or product, leased space, furniture, or equipment to Ericson State Bank prior to February 14, 2020 and have not been paid, you may have a claim against Ericson State Bank.
All creditors having claims against Ericson State Bank must submit their claims to the Receiver online or by mail:
FDIC as Receiver for Ericson State Bank
Please note: There are time limits for filing a claim. Your claim must be filed on or before
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
FOR STOCKHOLDERS OF WHEELER COUNTY BANCSHARES, INC.
All shares of Ericson State Bank are owned by its holding company, Wheeler County Bancshares, Inc., Ericson, NE. The holding company was not included in the closing of the bank or resulting receivership.
Contacting the Holding Company
If you are a stockholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
Wheeler County Bancshares, Inc.
100 Main Street
Ericson, NE 68637
Questions About This Closing
Contact the FDIC Customer Service Department at (888) 206-4662.
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