FREQUENTLY ASKED QUESTIONS
First National Bank & Caldwell State Bank Merger
FNB Wellington Customers
Q. When will the merger be final?
We anticipate that the merger will be final in late March or early April. We will keep you and all customers aware of the timeline and activities surrounding the merger.
Q. Will my accounts or account numbers change? Do I need to re-open an account?
No – all accounts with both banks will retain their same number. We’re committed to making this transition as smooth as possible.
Q. Do I need to order new checks?
No – As a FNB customer, you will retain all current account numbers and can finish utilizing the checks you have on hand. When it is time for you to reorder, your new checks will include the new name and logo.
Q. Can I still use my FNB Debit Card?
Yes, you will be able to continue to use your FNB Debit/ATM card without interruption in service. When your card expires, you will receive a new card with the new name and logo.
Q. What will happen to my Direct Deposit, Automated Payments and Automatic Transfers?
All of these services will continue for you without interruption.
Q. How will it affect my internet banking?
Internet banking for FNB customers will continue without interruption.
Q. What will happen to my Certificate of Deposit?
Your CD will be honored as written until it reaches the next maturity.
Q. What happens to my FDIC insurance coverage if I have deposits at First National Bank and Caldwell State Bank?
When two or more insured banks merge, deposits from the assumed bank are separately insured from deposits at the assuming bank for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
Q. How will my Loan be affected?
The terms and conditions on your personal loan(s), line(s) of credit, mortgage loan(s) or commercial loan(s) will continue to be serviced through Impact Bank. You should continue to make payments on your regularly scheduled due date.
Q. Why are the banks merging?
The merger allows us to offer more services. As technology advances rapidly, it is a challenge for small banks to compete effectively in terms of the range of services provided. By merging, we will be able to bring additional services to you, including mobile banking, better online services, expanded loan capabilities, and more.
The merger allows us to grow and expand. Continued growth is important for the bank and for our community. The merger allows our bank to strengthen our position here and in communities we may not currently be serving. A strong, growing bank helps provide services for you and all our customers.
Federal banking regulations are raising the cost of compliance. Nationally, community banks such as ours are facing challenges brought on by increasing federal regulations and fees. The costs of complying with these regulations and the data processing demands are quite significant. This merger allows us to control those costs.
Our banks share common values and leadership; the merger is a natural partnership. More than just common Directors & Stockholders, our banks share a commitment to community and personal service.
Q. Is one or both banks in financial danger?
No, not at all. Both Caldwell State Bank and First National Bank of Wellington are well-established, well-capitalized banks. We are moving forward from a position of strength.
Both banks are strong - capital exceeds regulatory mandates. Based on combining the 9/30/11 financial statements (Call Report) the total capital of both banks is almost $13 million which exceeds regulatory guidelines by almost $2.5 million. The capital to assets ratio is almost 10% overall. The regulatory guideline is 8%.
Q. Why did you choose "Impact Bank" as the new name?
It communicates the generations of positive impact both banks have had on the lives of people in our communities.
It communicates our commitment to the economic, cultural and corporate health of this town and Sumner County. We are actively involved in caring for much more than our own success.
Though our name will be different, you will see the same friendly faces and find the same dedicated, personalized service. If you have any additional questions or concerns please feel free to call any or our staff @ 620-326-3361. |
