Great Southern Bank Takes Over Valley Bank
Oskaloosa, Iowa – Oskaloosa residents traveling along A Avenue may have seen the familiar Valley Bank sign covered with a Great Southern Bank wrap.
On Friday at closing, Valley Bank, Moline, IL was closed by the Illinois Department of Financial & Professional Regulation – Division of Banking. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
All deposit accounts have been transferred to Great Southern Bank, Reeds Spring, MO.
The FDIC has assembled useful information regarding your relationship with Valley Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
The 13 branches of Valley Bank will reopen as branches of Great Southern Bank during their normal business hours. Depositors of Valley Bank will automatically become depositors of Great Southern 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 Valley Bank should continue to use their current branch until they receive notice from Great Southern Bank that systems conversions have been completed to allow full-service banking at all branches of Great Southern Bank.
Depositors of Valley Bank can continue to 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.
Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-894-2013. On Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; on Monday from 8:00 a.m. to 8:00 p.m., CDT; and thereafter from 9:00 a.m. to 5:00 p.m., CDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/valleybankil.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.4 million. Compared to other alternatives, Great Southern Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Valley Bank is the 10th FDIC-insured institution to fail in the nation this year, and the third in Illinois.
The FDIC also alerts customers not to respond to email or other solicitations for personal banking information during this time.
Locally, the former Valley Bank location will open Saturday business as usual as Great Southern Bank.