Bank Failure: Waterford Village Bank of Clarence, New York

July 24, 2009

From the FDIC Press Release:

Waterford Village Bank, Clarence, New York, was closed today by the New York 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 Evans Bank, N.A., Angola, New York, to assume all of the deposits of Waterford Village Bank.

The single office of Waterford Village Bank will reopen on Monday as a branch of Evans Bank, N.A. Depositors of Waterford Village Bank will automatically become depositors of Evans Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use the existing branch until Evans Bank, N.A. can fully integrate the deposit records of Waterford Village Bank.

Over the weekend, depositors of Waterford Village Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

This Bank Watch List post about the failure of Waterford Village Bank, Clarence, New York

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