Post by UkiPA Holdings, LLC on Jan 24, 2015 19:26:14 GMT 4
Press Release
United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Highland Community Bank, Chicago, Illinois
FOR IMMEDIATE RELEASE
January 23, 2015
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Highland Community Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation—Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank, fsb, Evansville, Indiana, to assume all of the deposits of Highland Community Bank.
The two branches of Highland Community Bank will reopen as branches of United Fidelity Bank, fsb during their normal business hours. Depositors of Highland Community Bank will automatically become depositors of United Fidelity Bank, fsb. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Highland Community Bank should continue to use their existing branch until they receive notice from United Fidelity Bank, fsb that it has completed systems changes to allow other United Fidelity Bank, fsb branches to process their accounts as well.
This evening and over the weekend, depositors of Highland Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2014, Highland Community Bank had approximately $54.7 million in total assets and $53.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, United Fidelity Bank, fsb agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-(800) 913-3058. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST. Interested parties also can visit the FDIC's Web site at www.fdic.gov/bank/individual/failed/highlandcomm.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million. Compared to other alternatives, United Fidelity Bank, fsb's acquisition was the least costly resolution for the FDIC's DIF. Highland Community Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Illinois. The last FDIC-insured institution closed in the state was The National Republic Bank of Chicago, Chicago, on October 24, 2014.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,589 as of September 30, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Highland Community Bank, Chicago, Illinois
FOR IMMEDIATE RELEASE
January 23, 2015
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Highland Community Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation—Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank, fsb, Evansville, Indiana, to assume all of the deposits of Highland Community Bank.
The two branches of Highland Community Bank will reopen as branches of United Fidelity Bank, fsb during their normal business hours. Depositors of Highland Community Bank will automatically become depositors of United Fidelity Bank, fsb. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Highland Community Bank should continue to use their existing branch until they receive notice from United Fidelity Bank, fsb that it has completed systems changes to allow other United Fidelity Bank, fsb branches to process their accounts as well.
This evening and over the weekend, depositors of Highland Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2014, Highland Community Bank had approximately $54.7 million in total assets and $53.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, United Fidelity Bank, fsb agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-(800) 913-3058. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST. Interested parties also can visit the FDIC's Web site at www.fdic.gov/bank/individual/failed/highlandcomm.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million. Compared to other alternatives, United Fidelity Bank, fsb's acquisition was the least costly resolution for the FDIC's DIF. Highland Community Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Illinois. The last FDIC-insured institution closed in the state was The National Republic Bank of Chicago, Chicago, on October 24, 2014.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,589 as of September 30, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.