Regulators Close Three More Banks

Regulators closed three banks Friday night – Integra Bank, Evansville, Ind.; BankMeridian, Columbia, S.C.; and Virginia Business Bank, Richmond, Va. – bringing the number of banks closed this year to 61.

Integra Bank was by far the largest of the three, with 52 branches, $2.2 billion in assets and $1.9 billion in deposits.

The pace of bank failures has slowed this year as lenders work through piles of bad loans. A total of 157 banks were closed last year and regulators expect that to be the high water mark for the current wave of failures.

The failed banks' accounts are being assumed by other banks and customers should be able to continue banking as usual.

Consumers should be aware that they will not receive any kind of email or telephone communications about the bank closings and will not be required to give information to anyone via email or telephone to “unlock” or claim their deposits. Any such email or call is fraudulent and should be ignored.

Integra Bank

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.

BankMeridian

The three branches of BankMeridian, N.A. will reopen on Monday as branches of SCBT, National Association. Depositors of BankMeridian, N.A. will automatically become depositors of SCBT, National Association. 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 BankMeridian, N.A. should continue to use their existing branch until they receive notice from SCBT, National Association that it has completed systems changes to allow other SCBT, National Association branches to process their accounts as well.

This evening and over the weekend, depositors of BankMeridian, N.A. 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.

Virginia Business Bank

The sole branch of Virginia Business Bank will reopen on Monday as a branch of Xenith Bank. Depositors of Virginia Business Bank will automatically become depositors of Xenith 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 Virginia Business Bank should continue to use their existing branch until they receive notice from Xenith Bank that it has completed systems changes to allow other Xenith Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Virginia Business Bank 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.