Fox Business Flash headlines are here. Find out what clicks on FoxBusiness.com.
On Friday, the coronavirus crisis made its first financial institution.
CORONAVIRUS MORTGAGE ADVICE: WHAT TO DO IF YOU CANNOT REACH LENDE
The Federal Deposit Insurance Corporation announced Friday evening the closure of First State Bank, based in Barboursville, West Virginia. According to the FDIC’s announcement, “The First State Bank has had long-standing capital and asset quality issues, operating with financial difficulties since 2015”.
The regulator negotiated the purchase of First State Bank from MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia. The four branches of First State will become MVB banks from Saturday April 4. Depositors of First State Bank will automatically become depositors of MVB Bank.
START FOX BUSINESS BY CLICKING HERE
During the “great recession” caused by the 2008 financial crisis, around 465 banks closed due to the economic calamity that occurred between 2008-2012.
Over the weekend, First State customers will still have access to their money by issuing checks or using an ATM or debit card. Loans should always be paid to banks.
The FDIC announcement said, “First State Bank customers should continue to use their existing branches until they receive notice from MVB Bank that it has completed system changes to allow other branches of MVB Bank also process their accounts. “
Ironically, on Friday, the First State website made no mention of the changes and presented itself as “a financially strong bank providing you with the service you deserve.”
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS