About First Bank & Trust Co.
All deposit account insured balances will be transferred to First Bank & Trust Co. in Duncan, Oklahoma and will be available immediately. Additionally, FDIC will operate 50% of the uninsured funds available to these depositors on Monday, October 21, 2024, based on the estimated recovery of failed bank assets. This amount can increase as FDIC sells failed bank assets. The former will reopen as a branch of First Bank & Trust Co. during normal business hours.
The transferred deposits will be insured individually from accounts that may already have with First Bank & Trust Co., at least six months after Lindsay’s first National Bank breakdown. The checks drawn to Lindsay’s first national bank, which he did not clarify before the institution was closed, will be respected as long as there is sufficient funds in the account.
Until Friday, October 18th, 2024, the principal and interest in the insurance account are fully insured by FDIC and are insured up to a $250,000 limit. Any unpaid interest will be paid at the same rate. First Bank & Trust Co. will check the rate. You will be notified of changes. Unless the deposit is pledged as collateral for the loan, you may withdraw funds from the transferred account without penalty for early withdrawal until you enter into a new deposit agreement with First Bank & Trust Co.
Certain qualifications and various types of accounts can be insured with a limit of $250,000 or more. IRA funds are covered by insurance separately from other types of accounts and have a maximum limit of $250,000.
