What happens when FDIC insured bank fails?

If your bank fails, up to $250,000 of deposited money (per person, per account ownership type) is protected by the FDIC. When banks fail, the most common outcome is that another bank takes over the assets and your accounts are simply transferred over . If not, the FDIC will pay you out.

Is the FDIC Problem Bank List public?

Since making this information public might start runs on banks, the names of the banks are withheld from the list. While the FDIC Problem Bank List is not available to the public , the FDIC does make public how many institutions are on the list as part of its wider banking survey.

What happens to my money if my bank collapses?

If your bank closes, the FDIC will either try to move your money to another bank in good standing or mail you a check for up to the insured amount . If it doesn't move your money, the bank should mail you a check within two business days of closing.

Where to put money when banks fail?

By maintaining multiple accounts across several FDIC-insured banks — or at least multiple accounts at one FDIC-insured bank — you can protect your money in the event of a bank failure. Two wise ways to do this are with high-yield savings and certificate of deposit (CD) accounts .

How long does it take to get your money if a bank fails?

Most banks in the US are insured by the FDIC, which provides coverage up to $250,000 per depositor, per FDIC bank, per ownership category. In the event of a bank failure, insured deposits are guaranteed to be returned within two business days by the FDIC.

Which banks are closing in 2024?

NatWest is set to shut down the most branches in July, with 16 set to shut for good. This is closely followed by Halifax which is closing 12 locations. Lloyds Bank, Bank of Scotland and Barclays will close seven, four and one branches, respectively.

Where is the safest place to put money if banks collapse?

U.S. government securities—such as Treasury notes, bills, and bonds —have historically been considered extremely safe because the U.S. government has never defaulted on its debt. Treasury bonds also pay the highest interest rates. They are offered to investors for a term of 20 or 30 years to maturity.

Can banks seize your money if the economy fails?

Your money is safe in a bank, even during an economic decline like a recession . Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution. What happens if my bank fails during a recession?

What happens to my CD when a bank fails?

The FDIC Covers CDs in the Event of Bank Failure CDs are treated by the FDIC like other bank accounts and will be insured up to $250,000 if the bank is a member of the agency .

Has anyone ever lost money at an FDIC-insured bank?

The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Since 1933, no depositor has ever lost a penny of FDIC-insured funds .

Who gets paid first when a bank fails?

Insured depositors are paid first, then uninsured depositors, then general creditors, and, finally, shareholders. How are borrowers impacted by a bank failure? The FDIC either sells loans held by a failed bank to an acquiring bank or sells the loans itself.

FDIC: Failed Bank Information for Almena State Bank, Almena, KS (2024)

Failed Bank List

On Friday, October 23, 2020, Almena State Bank was closed by the Kansas Office of the State Bank Commissioner. The FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. Equity Bank, Andover, KS acquired all deposit accounts and substantially all the assets. All shares of stock were owned by the holding company, which was not involved in this transaction.

At a Glance

Frequently Asked Questions
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PDF Version
Responses to common questions

Press Release
Official Press Release

Balance Sheet
Report on assets and liabilities

Dividend Information
None Paid to Date

If You Had a Deposit Account

The full balance of all deposit accounts has been transferred to Equity Bank.

You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.

The FDIC strongly encourages bank customers to follow Centers for Disease Control and Prevention guidance on social distancing and utilize online and electronic banking capabilities.

EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts

Facts for Depositors
General information explaining the role of FDIC

If You Had a Loan

You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.

If your loan is currently in process or you had a line of credit, contact your loan officer.

Borrowers whose finances are impacted by the coronavirus pandemic should contact their original loan officers or call the contact information provided in their loan statements before addressing requests for modifications to Equity Bank. If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.

If you received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.

Obtaining a Lien Release
Process on getting a release of lien

Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans

Facts for Borrowers
General information explaining the role of FDIC

If You Are Owed Money for a Service or Product Provided

You may be eligible to file a claim against Almena State Bank.

If you have not been paid for services rendered prior to October 23, 2020, please refer to the Filing Claims section below.

Facts for Creditors
General information explaining the role of FDIC

Beware of Scams
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

Centers for Disease Control Guidance
The FDIC strongly encourages bank customers to follow Centers for Disease Control and Prevention guidance on social distancing and utilize online and electronic banking capabilities.
Centers for Disease Control (www.cdc.gov)

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Acquiring Institution: Equity Bank

About Equity Bank
All deposit accounts have been transferred to Equity Bank, Andover, KS ("assuming institution") and will be available immediately. The former Almena State Bank locations will reopen as branches of Equity Bank during regular business hours. The FDIC strongly encourages bank customers to follow Centers for Disease Control and Prevention guidance on social distancing and utilize online and electronic banking capabilities.

Your transferred deposits will be separately insured from any accounts you may already have at Equity Bank for at least six months after the failure of Almena State Bank. Checks that were drawn on Almena State Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.

All interest accrued through Friday, October 23, 2020 will be paid at your same rate. Equity Bank will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Equity Bank as long as the deposits are not pledged as collateral for loans.

Banking Services

Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Equity Bank.

ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.

Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). Equity Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.

Direct Deposit
All direct deposits, for example, social security checks, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.

Overdraft Lines of Credit
These lines have been transferred to Equity Bank. Please contact Equity Bank if you have additional questions regarding your accounts.

Safe Deposit Boxes
You will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. Any changes will be communicated by Equity Bank.

Tax Reporting — 1098 and/or 1099
Equity Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

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Filing Claims

Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to Almena State Bank prior to Friday, October 23, 2020 and have not been paid, you may have a claim against Almena State Bank.

All creditors having claims against Almena State Bank must submit their claims to the Receiver online or by mail.

In order to facilitate the receipt of correspondence related to the Receiver’s administrative claims process during this period of national emergency, any party/claimant who would normally send hardcopy mail to an FDIC facility related to the Receivership is encouraged to send electronic communication inquiries through email ([email protected]) or the FDIC Information and Support Center.

In addition, any party/claimant who normally would send a Receivership claim submission via hardcopy mail is encouraged to submit the claim through the Non-Deposit Claims Web portal (https://www5.fdic.gov/NDCWeb) or through email ([email protected]).

Online:

FDIC NDCWeb (www5.fdic.gov/NDCWeb)

Email:

[email protected]

Mail:

Send completed Proof of Claim Form — PDF to:

FDIC as Receiver for Almena State Bank
Attention: Claims Agent
1601 Bryan Street
Dallas, TX 75201

Please note: There are time limits for filing a claim. Your claim must be filed on or before 01/27/2021 (the "Claims Bar Date").

Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

Depositors
General Unsecured Creditors
Subordinated Debt
Stockholders

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For Stockholders of Almena Investments, LLC

Stockholders
All shares of Almena State Bank are owned by its holding company, Almena Investments, LLC, Almena, KS. The holding company was not included in the closing of the bank or resulting receivership.

Contacting the Holding Company
If you are a stockholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
Almena Investments, LLC
PO Box 550
Norton, KS 67654

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Contact Information

Questions About This Closing
Contact the FDIC Customer Service Department at (888) 206-4662.

Hours of Operation — Central Time
Monday – Friday (excluding federal holidays): 8:00 AM – 4:00 PM

FDIC: Failed Bank Information for Almena State Bank, Almena, KS (2024)

At a Glance

If You Had a Deposit Account

If You Had a Loan

If You Are Owed Money for a Service or Product Provided

Acquiring Institution: Equity Bank

Banking Services

Filing Claims

For Stockholders of Almena Investments, LLC

Contact Information

FAQs

FDIC: Failed Bank Information for Almena State Bank, Almena, KS? ›

Has anyone ever lost money at an FDIC-insured bank? ›