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Failed Bank Information
Information
for Independent Bankers' Bank, Springfield, IL
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- 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)
- Independent Bankers' Bank Contact Information
- Balance Sheet Summary
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| 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. |
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| II. Press
Releases |
| 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. |
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| III. Acquiring Financial Institution
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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.
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V. Conference Call for Bank Customers |
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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.
- We have created a
web site where you may submit questions at any time. You may submit your
questions by clicking the following link:
https://fdicsurvey.inquisiteasp.com/surveys/FZ7CJV/.
FDIC Call Center
Toll free number 1-800-451-1093
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. |
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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.
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| VII. Lending
Function |
| Separate Guidelines will be issued. Please refer to the Question and Answer Guide for information on specific issues. |
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| VIII. Possible
Claims Against the Failed Institution |
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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:
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Federal Deposit Insurance Corporation
Receiver:
Independent Bankers' Bank
1601 Bryan Street
Dallas TX 75201
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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
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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
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X. Dividend Information |
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Dividend Information on Failed Financial Institutions |
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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.
Deposit Broker Processing Guide |
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| General Disclaimer |
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