Failed Bank Information for Fayette County Bank, Saint Elmo, IL
On Friday, May 26, 2017, Fayette County Bank was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking. The FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. United Fidelity Bank, fsb, Evansville, IN acquired all deposit accounts and certain assets.
At a Glance
Official press release
Report on assets and liabilities
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 United Fidelity Bank, fsb.
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 Fayette County Bank.
If you have not been paid for services rendered prior to May 26, 2017, 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: UNITED FIDELITY BANK, FSB
About United Fidelity Bank, fsb
All deposit accounts, including brokered deposits, have been transferred to United Fidelity Bank, fsb, Evansville, IN ("assuming institution") and will be available immediately. The former Fayette County Bank location will reopen as a branch of United Fidelity Bank, fsb during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at United Fidelity Bank, fsb for at least six months after the failure of Fayette County Bank. Checks that were drawn on Fayette County 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, May 26, 2017 will be paid at your same rate. United Fidelity Bank, fsb 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 United Fidelity Bank, fsb as long as the deposits are not pledged as collateral for loans.
Contacting United Fidelity Bank, fsb
You can contact United Fidelity Bank, fsb:
United Fidelity Bank, fsb
18 NW Fourth Street
Evansville, IN 47708
United Fidelity Bank, fsb (www.unitedfidelity.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 United Fidelity Bank, fsb.
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 United Fidelity Bank, fsb.
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). United Fidelity Bank, fsb 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 United Fidelity Bank, fsb. Please contact United Fidelity Bank, fsb 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 United Fidelity Bank, fsb.
Tax Reporting - 1098 and/or 1099
United Fidelity Bank, fsb 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 Fayette County Bank prior to May 26, 2017 and have not been paid, you may have a claim against Fayette County Bank.
All creditors having claims against Fayette County Bank must submit their claims to the Receiver online or by mail:
FDIC as Receiver for Fayette County 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 FAYETTE COUNTY BANCSHARES, INC.
All shares of Fayette County Bank are owned by its holding company, Fayette County Bancshares, Inc., Saint Elmo, IL. 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:
Fayette County Bancshares, Inc.
PO Box 38
Saint Elmo, IL 62458
Questions About This Closing
Contact the FDIC Customer Service Department at (888) 206-4662.
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