State regulators shut down Cincinnati bank
Ohio banking regulators shut down Columbia Savings Bank in Clifton Friday. Here's the statement from the Ohio Department of Commerce:
Columbia Savings Bank, Cincinnati, Ohio was closed today by the Ohio Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Pursuant to Ohio Revised Code Section 1165.18, the Superintendent of the Ohio Division of Financial Institutions may take possession of a savings bank if it is in an unsafe or unsound condition to continue the business of banking.
Member deposits are federally insured by the FDIC’s Deposit Insurance Fund up to $250,000. Administered by the FDIC, the fund has the backing of the full faith and credit of the U.S. Government.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank to assume all of the deposits of Columbia Savings Bank.
The branch of Columbia Savings Bank will reopen as a branch of United Fidelity Bank during their normal business hours. Depositors of Columbia Savings Bank will automatically become depositors of United Fidelity 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 Columbia Savings Bank should continue to use their existing branch until they receive notice from United Fidelity Bank that it has completed systems changes to allow other United Fidelity Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Columbia Savings 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.
Columbia Savings Bank had total assets of $37.5 million, according to the bank’s most recent Call Report.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-894-2810. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8 a.m. to 8 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/columbiasavings.html.