Failed Bank Information
Information for First Choice Bank, Geneva, IL
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (4.2 MB PDF File - PDF Help)
- Bid Summary
- Receivership Termination
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 Phishing Scams to obtain information from you.
I. Introduction
On Friday, August 19, 2011, First Choice Bank, Geneva, IL was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, 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, made all dividend distributions as required by law and the receivership is deemed terminated.
II. Press Release
The FDIC has issued a press release (PR-139-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.
III. Acquiring Financial Institution
All deposit accounts, excluding certain brokered deposits, have been transferred to Inland Bank & Trust, Oakbrook, IL ("assuming institution") and will be available immediately. The former First Choice Bank locations will reopen as branches of Inland Bank & Trust during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Inland Bank & Trust for six
months after the failure of First Choice Bank. Checks
that were drawn on First Choice Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-517-8236.
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
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Inland Bank & Trust as long as the deposits are not pledged as collateral for loans. You may view more information about Inland Bank & Trust by visiting their web site.
Inland Bank & Trust (www.inlandbank.com)
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
IX. Dividend Information
VIII. Receivership Termination
The FDIC as Receiver for First Choice Bank, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on October 3, 2014.
The Receiver has made all dividend distributions required by law.
Effective November 01, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.
General Disclaimer