FDIC Call Center
Toll free number 1-800-894-5183
Hours of Operation – Central Time
May 21, 2010:
Until 9:00 p.m.
May 22, 2010:
a.m. – 6:00
May 23, 2010:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, May 21, 2010, Pinehurst Bank, Saint Paul, MN, was closed by the
Minnesota Department of Commerce. The Federal Deposit Insurance Corporation
(FDIC) was then named Receiver. Subsequent to the closure, Coulee Bank,
La Crosse, WI acquired substantially all the deposits and assets
of Pinehurst Bank from the FDIC as Receiver for Pinehurst Bank. Any claims
by equity holders were not acquired.
The total balance in your account(s) has been transferred to Coulee Bank and will be available for transactions during regular
the former Pinehurst Bank
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 Pinehurst Bank?
If you had an account with Pinehurst Bank, you now have an account
with Coulee Bank, La Crosse, WI. All deposit accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to Coulee Bank, regardless of the dollar amount. No one
lost any money on deposit in Pinehurst Bank.
Customers of both banks should continue to use their existing branches until
Coulee Bank can fully integrate the deposit records of Pinehurst Bank.
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or Coulee Bank 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 Pinehurst Bank, Coulee Bank, or the FDIC.
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposits Transfer transaction, the total of
all deposit accounts, including brokered deposits, have
been assumed by Coulee Bank.
Be advised, however, that from and after the date of closing,
Coulee Bank will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
Coulee Bank shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a Pinehurst Bank deposit through a broker, you must contact your broker with any questions.
Existing Deposits at Coulee Bank:
I already have other deposit accounts with the Coulee Bank. When
combined with balances at this bank, my deposits exceed $250,000. Are
all funds insured?
The accounts transferred to Coulee Bank 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 grace 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?
Interest on all deposits accrued through Friday, May 21, 2010,
will be paid at your existing rate. Coulee Bank will review
rates and notify you if interest rates will change.
Your interest rate may be reduced.
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
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Pinehurst Bank?
All mortgages and loans have been assumed by Coulee Bank. 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 Pinehurst Bank and send your payments to the same address.
All shares of Pinehurst Bank were owned by its holding company, Pinehurst
company was not included in the closing of the bank or the
resulting receivership. If you are a
shareholder of Pinehurst Bancorp, Inc., please do not
contact or file a claim with the Receiver. You may contact
Pinehurst Bancorp, Inc. directly for information
Pinehurst Bancorp, Inc.
757 Cleveland Avenue South
Saint Paul, MN 55116
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 had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.