5th Bank Failure of the Year: Allied Bank of Mulberry, AR Seized by FDIC

johngaltfla.com / by John Galt / September 24, 2016 22:30 ET

As I was out and about last night and did not have time to post up the usual “Bank Failure Friday” posting, here is the delayed news from the FDIC last night:

Today’s Bank, Huntsville, Arkansas, Assumes All of the Deposits of Allied Bank Mulberry, Arkansas

FOR IMMEDIATE RELEASE
September 23, 2016

Allied Bank, Mulberry, Arkansas, was closed today by the Arkansas State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Today’s Bank, Huntsville, Arkansas, to assume all of the deposits of Allied Bank.

The five branches of Allied Bank will reopen as branches of Today’s Bank during its normal business hours. Depositors of Allied Bank will automatically become depositors of Today’s 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 Allied Bank should continue to use their existing branch until they receive notice from Today’s Bank that it has completed systems changes to allow other Today’s Bank branches to process their accounts as well.

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