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Nebraska bank closed
The FDIC has announced that Ericson State Bank in Ericson, Nebraska, was closed Friday by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Farmers and Merchants Bank in Milford, Nebraska, to assume all of the deposits of Ericson State Bank.
As of December 31, 2019, Ericson State Bank had approximately $100.9 million in total assets and $95.2 million in total deposits. In addition to assuming all of the deposits, Farmers and Merchants agreed to purchase approximately $9.6 million of Ericson State Bank’s assets. The FDIC will retain the remaining assets for later disposition.