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On Friday the coronavirus crisis claimed its first financial institution.
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The Federal Deposit Insurance Corporation announced late Friday the closing of the First State Bank, based in Barboursville, West Virginia. According to the FDIC announcement, “The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015.”
The regulator brokered the purchase of the First State Bank to MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia. First State’s four branches will become MVB banks starting Saturday, April 4. Depositors of The First State Bank will automatically become depositors of MVB Bank.
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During the “Great Recession” caused by the 2008 financial crisis, about 465 banks shut down because of the economic calamity that occurred between 2008-2012.
Over the weekend, First State customers will still access their money by writing checks or using ATM or debit cards. Loans should still be paid to the banks.
The FDIC announcement said: “Customers of The First State Bank should continue to use their existing branches until they receive notice from MVB Bank that it has completed systems changes to allow other MVB Bank branches to process their accounts as well.”
Ironically on Friday, First State’s web site had no mention of the changes and touted itself as “A Financially Strong Bank Providing You with the Service You Deserve.”
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