Deposits Existing at Assuming Bank:
I already have other deposit accounts with the new bank. When combined with the balances at this
bank, my deposits exceed $100,000. Are all of my funds at both banks insured?
All deposit accounts have been transferred to First International
Bank and Trust, based in Watford City, ND, and now with the newly acquired
branches in Staples and Motley, MN. The bank's drive-up lanes will
open on Saturday, May 31 during normal hours or 8:30 - 11:30 am, as will the
lobbies at the Staples and
As of Friday, May 30, 2008, First Integrity Bank,
Staples, MN was closed by the Office of the Comptroller of the Currency (OCC).
Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed
Receiver. According to regulatory policy,
there is no advance notice given to the public. The good news is that
no depositor lost any money as a result of the closure of First Integrity
Bank. To protect depositors, the FDIC Board of Directors approved the assumption
of all First Integrity Bank deposits by First International Bank and Trust
of Watford City, ND.
All deposits have been transferred to First International Bank and
Trust, and it will be business as usual. If you held an account
at First Integrity Bank, you now have an account at First International Bank and Trust. You will be notified
of any changes to your account, including any new signature cards or forms, by
First International Bank and Trust.
A deposit insurance payment of funds has already been transferred to
First International Bank and Trust. Please be advised that if there is no activity in
your account in the next 18 months, that money could be returned to the
FDIC and eventually escheated to your state.
You will be able to continue using your personal checks at this time,
and your ATM/Debit card will continue to work. You will receive a mailed notice from
First International Bank and Trust in the next week regarding your transferred accounts. You
may receive new checks and new account numbers in the future, and the
assuming bank, will notify you of changes in the future.
All deposit account histories and records are in the process of being passed to
First International Bank and Trust. Please contact a representative of First International Bank and Trust Customer Service at the Staples branch at 218-894-1522 or the Motley branch at 218-352-6284 to obtain a copy of any records you may need.
You should continue to make your payments according to the
terms of your note. The terms of your loan will not change under
the terms of the loan contract because they are contractually agreed to in your promissory note with the
Checks should be sent to the same address until further notice. You will be notified by mail
of any changes. All loans have transferred to First International Bank and Trust.
When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed 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.
For additional information, please go to the FDIC
website at Electronic Deposit Insurance Estimator (EDIE).
A copy of this document or the FDIC press release, PR-41-2008,
can be provided as it states deposits have been transferred, and it is
business as usual. Copies of this press release will be available at the bank.
Depositors or merchants call also call 218-894-1522.
You may withdraw your funds from any transferred account without
an early withdrawal penalty until you enter into a new deposit agreement
with First International Bank and Trust, provided the deposits are not
pledged as collateral for loans.