We're coming together. You come first!
We are excited to announce that our AbbyBank family is growing! State Bank in Gresham and Shawano will be added to AbbyBank's footprint in fall of 2019. Read our press release for more information!
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Frequently Asked Questions (FAQ's)
Q: What is the transaction that was recently announced between AbbyBank and State Bank?
A: The Board of Directors for each of AbbyBank and State Bank approved an Agreement whereby AbbyBank will purchase substantially all of the assets and assume substantially all of the liabilities of State Bank. This transaction is, in essence, an acquisition of State Bank by AbbyBank, with AbbyBank surviving the transaction. Following the closing of the transaction, all customers and borrowers of State Bank will become customers and borrowers of AbbyBank. It is anticipated that shortly after closing, State Bank will be dissolved and will no longer be an operating entity.
Q: What should I expect during the transaction?
A: At the effective time of the transaction, which is expected to occur in the late third or early fourth quarter 2019, every deposit account and loan at State Bank will become a deposit account or loan, as appropriate, of AbbyBank, and State Bank will no longer operate as an FDIC insured community bank. Up to the time of closing, AbbyBank and State Bank will continue to operate as separately chartered community banks.
Q: What will happen to State Bank's current branch locations?
A: At the time of closing, both of State Bank’s current locations will become branch locations of AbbyBank and will continue to operate as bank branches. AbbyBank will not close either of State Bank’s branch locations as a result of this transaction.
Q: Will the transaction affect the FDIC insurance on my deposits?
A: If you have checking and/or savings account funds on deposit at both AbbyBank and State Bank, your deposits will continue to be separately insured for six months from the date of closing. Certificates of Deposits (CDs) will be separately insured until the earliest maturity date from the end of the the six-month period. CDs that mature during the six-month period and are renewed for the same term and the same dollar amount will continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
Contact any AbbyBank representative for further information. They will provide you with a brochure printed by the FDIC answering any questions about FDIC coverage.
Q: Who do I contact for additional information?
A: If you have questions concerning the transaction, please contact Jennifer Jakel, Executive Vice President, PO Box 648, Abbotsford, WI 54405 at 715-316-6229.
Q: What will happen if I have a direct deposit and/or ACH to my accounts at State Bank?
A: Your Social Security, payroll, government and other direct deposits will continue without interruption. AbbyBank will relay any necessary changes to the appropriate parties. If you have a direct deposit that is not on a monthly basis, you will need to contact the appropriate party. Any Automatic Clearing House (ACH) transactions will continue without interruption. AbbyBank will relay any necessary changes to the appropriate parties. AbbyBank will honor these transactions for sixty (60) days after the closing of the transaction. Any other ACH transactions will need to be established with AbbyBank using its bank routing number of 075911713 and your account number. Please contact AbbyBank if you have any questions regarding ACH transactions.
Q: Will any of my account numbers at State Bank change?
A: The majority of customers’ account numbers will not change, and you will be able to use your existing State Bank checks until your time to reorder. Upon reorder, your checks will be ordered with the AbbyBank routing number.
For those few customers whose account number will require a change, AbbyBank will contact you directly.
Q: I have an account at AbbyBank and State Bank. What will happen to my State Bank account? Will it be merged with my AbbyBank account?
A: Your accounts will remain separate and you will have two different account numbers at AbbyBank. They will NOT be merged together.
Q: How is my IRA account affected by the sale?
A: Effective with the sale, State Bank will be resigning as custodian for your current IRA account and will appoint AbbyBank as the successor custodian. This change will not affect the terms or other arrangements related to your IRA. Automatic distributions will remain the same. The terms of your automatic distributions will also continue as they are currently set up.
Q: Will the interest rate and maturity date remain the same on my Certificate of Deposit?
A: Yes. Your present certificate will keep its existing term and interest rate and will not need to be rewritten.
AbbyBank and State Bank Footprint
Both the Gresham and Shawano locations will remain open, with the faces you know and the people you trust! When the transaction is complete, all customers will enjoy expanded service in seven locations.