Geneva's First Choice Bank Fails, Becomes Branch of Inland

Geneva's wasn't the first choice of customers or investors often enough to make it a go.

The Geneva bank closed Aug. 19, and I owe apologies to Geneva Patch readers for not getting the story out sooner. I was out of town this weekend and missed three e-mail tips that readers generously sent along and I stupidly didn't see until last night.

It's sad news any time a business closes, and a bank in Geneva is a pretty big deal. The good news is that First Choice was taken over by Inland Bank & Trust of Oak Brook.

If the situation is anything like what happened with , the transition for customers should be (or should have been) very close to seamless.

The sole branch of First Choice Bank reopened Saturday as a branch of Inland Bank & Trust, according to a press release from the Federal Deposit Insurance Corporation.

"Depositors of First Choice Bank will automatically become depositors of Inland Bank & Trust," the press release says. "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 First Choice Bank should continue to use their existing branch until they receive notice from Inland Bank & Trust that it has completed systems changes to allow other Inland Bank & Trust branches to process their accounts as well.

The FDIC says that, as of June 30, First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Inland Bank & Trust agreed to purchase essentially all of the assets.

Customers with questions should call the FDIC toll-free at 1-800-517-8236. The phone number will be operational from 8 a.m. to 8 p.m.

Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/firstchoice-il.html.

About the FDIC

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

More reading:

Chicago Business, powered by Crain's, reports that First Choice Bank was 10 years old and was the "seventh Chicago-area lender to fail so far this year."