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Failed Bank Information for First State Bank, Sarasota, FL

On Friday, August 7, 2009, First State Bank was closed by the Florida Office of Financial Regulation. The FDIC was named Receiver. Stearns Bank, N.A., St. Cloud, MN acquired all deposit accounts.

The FDIC as Receiver for First State Bank, Sarasota, FL has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on September 27, 2020 and has made all dividend distributions required by law.

Effective February 01, 2020, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status

TERMINATED

Notice of Termination

Effective Date: February 01, 2020


Notice of Intent to Terminate

Publication Date: September 27, 2019

Dividend Information

Report on dividends paid


Press Release

Official press release

cautionBeware 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.

caution

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: STEARNS BANK

About Stearns Bank

All deposit accounts, excluding certain brokered deposits, were transferred to Stearns Bank, St. Cloud, MN ("assuming institution"). Former First State Bank locations reopened as branches of Stearns Bank.

Your transferred deposits were separately insured from any accounts you may have already had at Stearns Bank for at least six months after the failure of First State Bank.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Stearns Bank as long as the deposits are not pledged as collateral for loans.

Contacting Stearns Bank

You can contact Stearns Bank:

Stearns Bank
4191 Second Street South
Saint Cloud, MN 56303

Stearns Bank (www.stearnsbank.com/)

Transaction Documentation

Purchase & Assumption Agreement - PDF
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank