The Federal Deposit Insurance Corporation (FDIC) took over 3 banks on Friday, October 2, 2009. These closings bring the total for the year to 98. The banks closed are located in Colorado, Minnesota, and Michigan. The banks include Southern Colorado National Bank, Pueblo, Colorado, Jennings State Bank, Spring Grove, Minnesota, and Warren Bank, Warren, Michigan.
Details for each bank are included below for affected customers:Southern Colorado National Bank, Pueblo, Colorado
Southern Colorado National Bank, Pueblo, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Legacy Bank, Wiley, Colorado, to assume all of the deposits of Southern Colorado National Bank.
The two branches of Southern Colorado National Bank will reopen on Saturday as branches of Legacy Bank. Depositors of Southern Colorado National Bank will automatically become depositors of Legacy Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Legacy Bank that it has completed systems changes to allow other Legacy branches to process their accounts as well.
Jennings State Bank, Spring Grove, Minnesota
Jennings State Bank, Spring Grove, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Jennings State Bank.
The two branches of Jennings State Bank will reopen on Saturday as branches of Central Bank. Depositors of Jennings State Bank will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Central Bank that it has completed systems changes to allow other Central branches to process their accounts as well.
Warren Bank, Warren, Michigan
Warren Bank, Warren, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Huntington National Bank, Columbus, Ohio, to assume all of the deposits of Warren Bank.
The six branches of Warren Bank will reopen on Saturday as branches of The Huntington National Bank. Depositors of Warren Bank will automatically become depositors of The Huntington National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from The Huntington National Bank that it has completed systems changes to allow other Huntington branches to process their accounts as well.
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