|FDIC Call Center
Toll free number 1-800-517-1839
Hours of Operation – Central Time
|Friday, April 23, 2010:
|| Until 9:00 p.m.
|Saturday, April 24, 2010:
a.m. – 6:00
|Sunday, April 25, 2010:
|| Noon – 6:00
|| 8:00 a.m. – 8:00
On Friday, April 23, 2010, Peotone Bank and Trust Company, Peotone, IL
was closed by the Illinois Department of Financial and Professional Regulation,
Division of Banking. The Federal Deposit
was then named Receiver. Subsequent to the closure, First Midwest Bank,
Itasca, IL acquired substantially all the
of Peotone Bank and Trust Company
from the FDIC as Receiver for Peotone Bank and Trust Company. Any claims
by equity holders were not acquired.
The total balance in your account(s) has been transferred to First Midwest Bank and will be available for transactions during regular business
the former Peotone Bank and Trust Company branches.
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with Peotone Bank and Trust Company?
If you had an account with Peotone Bank and Trust Company, you now have an account
with First Midwest Bank, Itasca, IL. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to First Midwest Bank, regardless of the dollar amount. No one
lost any money
on deposit in Peotone Bank and Trust Company.
Customers of both banks should continue to use their existing branches until
First Midwest Bank can fully integrate the deposit records of Peotone Bank and Trust Company.
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or First Midwest Bank to
claim/unlock/unsuspend your account or to provide any private information.
be watchful for and resist any such scams to obtain information from you by
individuals or entities purporting to act on behalf of the FDIC, First Midwest Bank or Peotone Bank and Trust Company.
ATM/debit card and/or Billpay:
What about my ATM/debit card and/or bill paying with Peotone Bank and Trust Company?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposits Transfer transaction, the total of
all deposit accounts, have been
assumed by First Midwest Bank.
Be advised, however, that from and after the date of closing,
First Midwest Bank will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
First Midwest Bank shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a Peotone Bank and Trust Company deposit through a broker, you must contact your broker with any questions.
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at First Midwest Bank:
I already have other deposit accounts with the new bank. When combined with balances at this bank,
my deposits exceed $250,000. Are all funds insured?
The accounts transferred to First Midwest Bank will be separately
insured for at least six months after the merger. This grace period gives
a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the
six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar
amount (either with or without accrued interest) continue to be separately insured until the first maturity
date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, April 23, 2010,
will be paid at your same rate. First Midwest Bank will review
rates. If interest rates will change, you will be notified.
Your interest rate may be reduced.
You may withdraw funds from any transferred account without an early withdrawal
penalty until you enter into a new deposit agreement with your new bank.
Entering into a new deposit agreement can be done by either renewing your
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Peotone Bank and Trust Company?
All mortgages and loans have been assumed by First Midwest Bank. Your
payment amount and due date are the same. If you are having your
payment deducted from your account, it will continue as it has
in the past. You
should continue to make your checks payable to Peotone Bank and Trust Company
and send your payments to the same address.
Loans in Process:
What happens if I had a loan in process that had not closed or a line of credit not fully funded?
You should contact your loan officer. All prior contacts remain the same.
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
What about checks that I have written on my account with Peotone Bank and Trust Company?
Your checks will clear up to the available balance in your account. You can
continue to use your existing checks.
Safe Deposit Boxes:
How can I claim the contents of my safe deposit box?
It is business as usual. You can go to your local branch and access your
safe deposit box; however, no action on your part is required because of this transaction.
What about my shares of stock?
All shares of Peotone Bank and Trust Company were owned by its holding company, Peotone Bancorp, Inc.,
Peotone, IL. The holding
company was not included in the closing of the bank or the
resulting receivership. If you are a
shareholder of Peotone Bancorp, Inc., please do not
contact or file a claim with the Receiver. You may contact
Peotone Bancorp, Inc. directly for information
Peotone Bancorp, Inc.
200 W Corning Avenue
Peotone, IL 60468
Why do all deposits, insured or not, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.
I did some work for the bank and have not been paid. What should I do?
All claims against Peotone Bank and Trust Company, together with proof of the claims, must
be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: Peotone Bank and Trust Company
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent