http://www.fdic.gov/bank/individual/failed/integra.html Visit this URL to view the full FDIC Failed Bank Information regarding Integra Bank.
The following press release was published on the FDIC website 15 minutes ago:
FOR IMMEDIATE RELEASE
July 29, 2011
Integra Bank, National Association, Evansville, Indiana, 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 Old National Bank, Evansville, Indiana, to assume all of the deposits of Integra Bank, National Association.
The 52 branches of Integra Bank, National Association will reopen during their normal business hours beginning Saturday as branches of Old National Bank. Depositors of Integra Bank, National Association will automatically become depositors of Old National Bank. 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 Integra Bank, National Association should continue to use their existing branch until they receive notice from Old National Bank that it has completed systems changes to allow other Old National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Integra Bank, National Association 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 March 31, 2011, Integra Bank, National Association had approximately $2.2 billion in total assets and $1.9 billion in total deposits. Old National Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Integra Bank, National Association. In addition to assuming all of the deposits of the failed bank, Old National Bank agreed to purchase essentially all of the assets.
The FDIC and Old National Bank entered into a loss-share transaction on $1.2 billion of Integra Bank, National Association’s assets. Old National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-830-6698. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/integra.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $170.7 million. Compared to other alternatives, Old National Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Integra Bank, National Association is the 61st FDIC-insured institution to fail in the nation this year, and the first in Indiana. The last FDIC-insured institution closed in the state was Irwin Union Bank and Trust Company, Columbus, on September 18, 2009.
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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 7,575 banks and savings associations and 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.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC’s Public Information Center (877-275-3342 or 703-562-2200). PR-128-2011
We will update this story as more information is received.
A lesson learned about what happens when board members become puppets. The lesson has a fairly universal application. As we have seen, local governments are not immune.
Just what Evansville doesn’t need is ONB having any more control over this community. Look at what they have provided to the ERC.
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