Failed Bank Information
Information for Independent Bankers' Bank, Springfield, IL
- Introduction
- Press Releases
- Acquiring Financial Institution
- Question and Answer Guide
- Conference Call for Bank Customers
- Banking Services
- Lending Function
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement dated December 18, 2009 (3.1 mb PDF File - PDF Help)
- Purchase and Assumption Agreement dated January 13, 2010 (374 kb PDF File - PDF Help)
- Balance Sheet Summary
I. Introduction
On Wednesday, January 13, 2010, the Federal Deposit Insurance Corporation (FDIC) completed the sale of Independent Bankers' Bank Bridge Bank, National Association (IBB Bridge Bank, N.A.) to The Independent BankersBank (TIB), Irving, TX.
Previously, on Friday, December 18, 2009, Independent Bankers' Bank, Springfield, 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. No advance notice is given to the public when a financial institution is closed.
Independent Bankers' Bank, Springfield, IL did not take deposits directly from the general public nor did it make loans to consumers. It was a commercial bank that provided correspondent banking services to its client banks.
The FDIC has compiled the following information, which should answer many of your questions.
II. Press Release
The FDIC has issued the following press releases (PR-237-2009, PR-006-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.
III. Acquiring Financial Institution
On January 13, 2010, all deposits of IBB Bridge Bank, N.A. were transferred to The Independent BankersBank (TIB), Irving, TX.
Previously, on December 18, 2009, The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to take over the operations of Independent Bankers' Bank. The newly created bank is IBB Bridge Bank, N.A.
The creation of the bridge bank allows its client banks to transition their correspondent banking needs to other providers with the least amount of disruptions.
V. Conference Call for Bank Customers
A conference call was held Saturday, December 19, 2009, at 3:00pm CST. The affected customers were notified of the number to call.
- If you were unable to dial-in, a replay of the call can be accessed by calling 1-866-505-6447, pass code: 75045. This is a call for clients of Independent Bankers' Bank and is not meant for the media. If representatives of the press access this replay, there should be no attribution or use of this information in any of your reporting.
A written transcript is also available.
FDIC Call Center
Toll free number (888) 206-4662
Hours of Operation – Central Time
Friday, December 18, 2009: Until 9:00 p.m.
Saturday, December 19, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, December 20, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 6:00 p.m.
VI. Banking Services
On January 13, 2010 there was no break in services.
IBB Bridge Bank, N.A. will provide business services as usual. Please continue to use your customary account manager for guidance on how to address your specific needs.
VII. Lending Function
Separate Guidelines will be issued. Please refer to the Question and Answer Guide for information on specific issues.
VIII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Independent Bankers' Bank after Friday, December 18, 2009 and have not been paid you do not have a claim against Independent Bankers' Bank. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Independent Bankers' Bank prior to Friday, December 18, 2009 and have not been paid you may be entitled to a claim against the bank. If you provided a product to or a service for Independent Bankers' Bank prior to the bank's failure for which you have not been paid and you have not received communication, contact:
Federal Deposit Insurance Corporation
Receiver: Independent Bankers' Bank
1601 Bryan Street
Dallas, TX 75201
(888) 206-4662
Please note: There are time limits for filing a claim, your claim must be filed on or before 3/24/2010.
All the stock of Independent Bankers' Bank was owned by the bank holding company, Bankers' Bancorp, Inc. Shareholders of equity stock, trust preferred securities, and subordinated debt of Bankers' Bancorp, Inc. should direct inquiries to:
Bankers' Bancorp, Inc.
3161 West White Oaks Drive, Suite 300
Springfield, IL 62704
Phone: 1-217-585-0734
Fax: 1-217-585-0396
IX. 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
X. Dividend Information
Dividend Information on Failed Financial Institutions
XI. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.