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The First State Bank closes; deposits acquired

The Rock Island Soil and Water Conservation District has been awarded $180,000 for the...
The Rock Island Soil and Water Conservation District has been awarded $180,000 for the implementation of the Copperas Creek watershed-based plan. (MGN Image)(KWQC)
Published: Apr. 4, 2020 at 10:48 AM EDT
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According to a press release from the Federal Deposit Insurance Corporation, The First State Bank has closed.

Federal officials say that The First State Bank closed Friday due to capital levels that were "too low to allow continued operations under federal and state law."

The FDIC says that all four branches of The First State Bank will reopen as branches of the Fairmont-based MVB Bank. All of The First State Bank's depositors will automatically become depositors of MVB Bank.

The First State Bank customers are encouraged to contact the FDIC at 1-800-517-1839 if they have any questions.