FDIC Call Center
Toll free number 1-866-934-8944
Hours of Operation – Eastern Time
Friday, August 21, 2009:
Until 9:00 p.m.
Saturday, August 22, 2009:
a.m. – 6:00
Sunday, August 23, 2009:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, August 21, 2009, ebank, Atlanta, GA, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Stearns Bank, N.A., St. Cloud, MN acquired substantially all the deposits and assets of ebank from the FDIC as Receiver for ebank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for ebank’s failure.
The total balance in your account(s) has been transferred to Stearns Bank, N.A. and will be available for transactions during regular business hours at the former ebank location starting on Monday, August 24, 2009.
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 ebank?
If you had an account with ebank, you now have an account with Stearns Bank, N.A., St. Cloud, MN. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Stearns Bank, N.A., regardless of the dollar amount. No one lost any money on deposit in ebank.
Customers of both banks should continue to use their existing branches until Stearns Bank, N.A. can fully integrate the deposit records of ebank.
To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or Stearns Bank, N.A. to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of ebank.
Existing Deposits at Stearns Bank, N.A.:
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 Stearns Bank, N.A. 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?
All interest accrued through Friday, August 21, 2009, will be paid at your same rate. Stearns Bank, N.A. will review rates and notify you if interest rates will change.
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 CD or making a deposit to, or a withdrawal from, your account.
What about my loan or mortgage with ebank?
All mortgages and loans have been assumed by Stearns Bank, N.A. 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 ebank and send your payments to the same address.
All shares of ebank were owned by its holding company, ebank Financial Services Inc., Atlanta, GA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of ebank Financial Services, Inc., please do not contact or file a claim with the Receiver. You may contact ebank Financial Services, Inc. directly for information as follows:
Ebank Financial Services
2410 Paces Ferry Road, Suite 190
Atlanta, GA 30339
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 is for the FDIC to transfer only the
insured deposits in a merger transaction. The FDIC has been able to transfer all
deposits in about 25% of the failures over the past 15 years.