FDIC Call Center
Toll free number 1-800-591-2820
Hours of Operation – Central Time
July 2, 2009:
Until 9:00 p.m.
Friday, July 3, 2009:
a.m. – 6:00
Saturday, July 4, 2009:
a.m. – 6:00 p.m.
Sunday, July 5, 2009:
Noon – 6:00
8:00 a.m. – 8:00
On Thursday, July 2, 2009, The Elizabeth State Bank, Elizabeth, IL, was closed
by the Illinois Department of Financial and Professional Regulation, Division
of Banking. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver.
Subsequent to the closure, Galena State Bank and Trust Company, Galena, IL acquired
all the deposits and assets of The Elizabeth State Bank from the FDIC as Receiver
for The Elizabeth State Bank.
The total balance in your account(s) has been transferred to Galena State
Bank and Trust Company. Your funds will be available for transactions during
regular business hours at the former offices of The Elizabeth State Bank starting
July 6, 2009.
NOTE: In observance of the holiday, the bank will be closed from Friday, July 3rd, through Sunday, July 5th. The bank will reopen Monday, July 6th, 2009.
You may continue using your same checks, ATM cards and debit cards until
All Direct Deposits, including Social Security checks, will continue
the stock of The Elizabeth State Bank was owned by Terrapin Bancorp,
Elizabeth, IL. Terrapin Bancorp, Inc., and the interests of equity, debt holders,
or other creditors of Terrapin Bancorp, Inc., are not included in the closure
or receivership of the institution. In addition, any claims by equity holders
in the Terrapin Bancorp, Inc., were not acquired.
What about my account with The Elizabeth State Bank?
If you had an account with The Elizabeth State Bank, you now have an account
with Galena State Bank and Trust Company, Galena, IL. All deposit accounts,
which include Checking, Savings, Money Market, CDs and Retirement accounts,
have been transferred to Galena State Bank and Trust Company, regardless
of the dollar amount. No one lost any money on deposit in The Elizabeth
Customers of both banks should continue to use their existing branches until
Galena State Bank and Trust Company can fully integrate the deposit records
of The Elizabeth State Bank.
Please be advised you will not receive any email notification to claim/unlock/unsuspend
your account or to provide any private information. Please be aware of any scams
to obtain information from you.
Existing Deposits at Galena State Bank and Trust Company:
I already have other deposit accounts with the new bank. When combined
with balances at this bank, my deposits exceed $250,000. Are all
The accounts transferred to Galena State Bank and Trust Company 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 on insured deposits accrued through July 2, 2009, will be
paid at your same rate. Galena State Bank and Trust Company
will review rates and notify you. However, please be advised
that from and after the date of
closing, Galena State Bank and Trust Company will accrue and
pay interest on deposit liabilities at a rate it shall determine;
accordingly, Galena State Bank
and Trust Company shall permit depositors to withdraw their
deposits without penalty for early withdrawal.
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 The Elizabeth State Bank?
All mortgages and loans have been assumed by Galena State Bank and Trust
Company. 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 The Elizabeth State Bank and
send your payments to the same address.
There was no publicly owned stock in Elizabeth State Bank. If you are an
equity shareholder, your shares are in Terrapin Bancorp, Inc., Elizabeth,
IL, the holding company for Elizabeth State Bank and not the institution.
Terrapin Bancorp, Inc., and the interests of equity, debt holders, and/or
other creditors of Terrapin Bancorp, Inc., are not included in the closure
or receivership of the institution. Please do not file a claim with the
Receiver, rather contact Terrapin Bancorp, Inc., directly for information:
Terrapin Bancorp, Inc.
Elizabeth, IL 61028
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.