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.
EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts
Facts for Depositors
General information explaining the role of FDIC
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.
Obtaining a Lien Release
Process on getting a release of lien
Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans
Facts for Borrowers
General information explaining the role of FDIC
If You Are Owed Money for a Service or Product Provided
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, excluding certain brokered deposits, has been assumed by Farmers and Merchants Bank.
Deposit Broker’s Processing Guide
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 will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. 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 (the "Claims Bar Date").
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.
Hours of Operation — Eastern Time
Monday – Friday (excluding federal holidays): 9:00 AM – 5:00 PM