Cincinnati bank fails, Ind. bank agrees to assume accounts

May 25, 2014 in News by The Manimal

Source: WLWT

The Federal Deposit Insurance Corporation closed a Cincinnati bank Friday.

Officials said the Columbia Savings Bank, in Clifton, was closed to protect depositors.

The FDIC announced that United Fidelity Bank, of Evansville, Indiana, would assume ownership of the bank and honor its accounts.

The failed bank only had one branch.

Officials said that depositors of Columbia Savings Bank would continue to see their accounts, which will now be honored by UFB. No action was required by customers.

The FDIC said ATM cards will still work and checks will still be cashed. Loan customers should also continue making their payments as usual, a press release stated.

Columbia Savings Bank had about $36.5 million in assets and $29.5 million in deposits as of the end of March 2014, the FDIC said.

UFB will purchase all the failed bank’s assets, the release said.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-894-2810 or visit the FDIC website.

Columbia Savings Bank has been open since 1892 and received its name in 1970. Its website still functioned Friday night and did not mention its closing.