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Spring Grove Acquisition

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Last Updated on Wednesday, 30 June 2010 10:43 Written by Andy Weise Wednesday, 30 June 2010 09:42

Spring Grove Bank to Become 18th Merchants Bank location

SPRING GROVE, Minn. – Merchants Bank has reached an agreement to purchase the current Central Bank in Spring Grove, according to Merchants Financial Group, Inc., President and CEO Richard L. Mahoney and Central Bank President Larry Albert.

The sale will include more than $22 million in deposit relationships and the physical locations of the bank in Spring Grove.

“With our focus on community and the importance of relationship banking, we believe we are the right type of bank to meet the needs of the customers in Spring Grove,” Mahoney said. “We are thankful to the leadership at Central for their commitment to providing customers the best service possible over the long term.”

Through an agreement with the FDIC, Central Bank had assumed all the deposits of Jennings State Bank and its two locations in Spring Grove and Stillwater in early October of 2009. Central Bank is headquartered in Stillwater.

“In our conversations with Merchants, we agreed that customers of the bank would be best served by a market leader in the area. Merchants has a strong regional presence and its bank in Caledonia is not only one of the best in the area, but also just right down the road,” said Larry Albert “People in that market know and trust the Merchants name, just like our customers know and trust us in our primary market in the Twin Cities metro area.”

The sale is pending regulatory approval. Barring complications, Mahoney said he expects the sale to be completed in late Fall. Terms of the sale have not been disclosed. When the sale is complete, Spring Grove will become the Bank’s 18th location.
 

What is the FDIC?

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Thursday, 22 April 2010 11:30

The FDIC, Federal Deposit Insurance Corporation,  is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
If a depositor's accounts at one FDIC-insured bank or savings association total $250,000 or less, the deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements.
This guide describes the FDIC's rules for insurance coverage of bank and savings association deposits and answers frequently asked questions about the FDIC's insurance rules. The guide is intended primarily for depositors who need a comprehensive explanation of the FDIC's rules, including the requirements to qualify for more than $250,000 in insurance coverage.

Notice
The information provided in this guide is presented in a non-technical way and is not intended to be a legal interpretation of the FDIC's laws and regulations on insurance coverage. For greater detail concerning the technical aspects of insurance coverage, depositors or their counsel may wish to consult the Federal Deposit Insurance Act (12 U.S.C.1811 et seq.) and the FDIC's regulations relating to insurance coverage (12 C.F.R. Part 330).

Federal law expressly limits the amount of insurance the FDIC can pay to depositors and no representation made by any person can increase that coverage.
   

Online Transactions

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Tuesday, 20 April 2010 11:10


Internet commerce is fast and convenient, but as with the old-fashioned ways of doing business, it pays to take precautions.

Online banking, bill paying and shopping are conveniences that most people want to enjoy. And most of the time, high-tech transactions are completed quickly and without a glitch. However, just as with other transactions, in a small percentage of cases something goes wrong. That's why you need to take precautions against theft and errors.

READ MORE:
http://fdic.gov/consumers/consumer/news/cnwin0910/online_banking.html
   

Con Artists Preying on People who Need Jobs

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Monday, 12 April 2010 11:12

One common example involves con artists soliciting people who need Jobs to work part-time from home but the end result is that the new "employer" commits identity theft or check fraud. Another involves "mystery shopper" programs for which consumers are supposedly hired to report on their experience doing business at a retailer but instead lose money in a fake check scam.

You can protect yourself from these and other financial scams by being extremely skeptical of unsolicited offers that involve "updating" or "confirming" personal information or requirements that you send a payment or provide bank account information before receiving anything in return.

Also, walk away from any offer from a stranger that would involve a large check to be deposited into your account and instructions to wire any of that money back, perhaps to someone in another country. In this type of scam, victims may end up owing thousands of dollars to the financial institution that wired the money.

For more information, see our tips in the Winter 2008/2009 FDIC Consumer News at the FDIC.

Reprinted with permission from FDIC Consumer News

   

Don't Be an Online Victim

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Tuesday, 06 April 2010 11:12

Identity theft continues to be one of the fastest growing crimes in the United States, and has ranked as one of the top consumer concerns for the past several years. The Federal Deposit Insurance Corporation (FDIC) has produced a multimedia presentation to help consumers protect themselves from identity theft. The presentation provides information on steps consumers should take to secure their computer and protect themselves from identity theft, as well as actions consumers should take if they become a victim of identity theft.

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams
   
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Deposit and loan products offered by Central Bank, Member FDIC, EqualHousingLogoTrans15 Equal Housing Lender
The standard insurance amount is $250,000 per depositor.

Transaction Account Guarantee Program
Central Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010,
all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the
Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general
deposit insurance rules. Learn More

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