On 13-Feb-09, Sherman County Bank, located in Loup City, NE, was shut down by the NE Division of Financial Institutions. We have shared more information on this page. Here, you should find all the information you might want to know about Sherman County Bank Failure.
About Sherman County Bank
Sherman County Bank was established in Loup City and had grown to become a well-respected financial institution in NE. However, the bank could not keep up with the changing regulations and technologies in the industry and could not remain profitable.
The closure of Sherman County Bank is a reminder of the importance of being vigilant about checking the financial health of banks. Consumers should also be aware of the FDIC’s Deposit Insurance Program, which insures deposits up to $250,000 per depositor.
The FDIC is working to ensure that all customers of Sherman County Bank will receive their insured deposits. Heritage Bank will be making available additional information on the transfer of deposits and other financial matters.
Heritage Bank is a well-established financial institution and is committed to working with customers of Sherman County Bank to provide the same level of service they have come to expect.
The FDIC encourages customers of Sherman County Bank to contact Heritage Bank with any questions regarding the transfer of their deposits and other related financial matters.
You can share your opinion & questions about Sherman County Bank in the comments 🙂
MoneyBrighter Editor
Information Table of Sherman County Bank
| Bank Name | Sherman County Bank |
| City | Loup City |
| State | NE |
| Cert | 5431 |
| Acquiring Institution | Heritage Bank |
| Closing Date | 13-Feb-09 |
| Fund | 10039 |
FAQs about Sherman County Bank
Sherman County Bank was a bank located in Loup City, NE.
The Sherman County Bank closed on 13-Feb-09.
Yes, the Sherman County Bank was insured by the FDIC.
The FDIC insures deposits up to $250,000 per depositor, per account type, for the Sherman County Bank Cert number 5431.
Heritage Bank acquired the Sherman County Bank after its closure.
You can access your insured deposits by contacting the FDIC or the acquiring institution that took over the Sherman County Bank.
Yes, your loans and other accounts with the Sherman County Bank will be transferred to the acquiring institution.
The treatment of uninsured deposits varies based on the bank’s assets and how much it owes to other creditors. You may not receive the full amount of your uninsured deposits back.
If you have concerns about the closure of the Sherman County Bank, you can contact the FDIC or a legal professional for advice on your options. However, keep in mind that the FDIC typically only closes banks when they are deemed to be insolvent and unable to meet their obligations.
Things You Might Ask
A failed bank is a bank that has been closed by its regulatory authority due to financial difficulties.
Banks can fail for various reasons, such as bad loans, mismanagement, fraud, or economic downturns.
As of 2021, more than 550 banks have failed in the United States since 2000.
The bank’s customers become creditors and their deposits may be insured by the FDIC up to a certain limit.
If your bank is insured by the FDIC, then your deposits up to $250,000 per depositor, per account type, are insured by the FDIC.
You can check if your bank is insured by the FDIC by visiting the FDIC’s BankFind website or by calling the FDIC’s toll-free number.
The FDIC typically pays out insured deposits within a few days after a bank fails.
Yes, you can withdraw your money before your bank fails. However, if you do so, your deposits will no longer be insured by the FDIC.
If your bank fails and you have non-insured deposits, you may not receive the full amount of your deposits back.
Your loans may be transferred to a new lender.
The FDIC is the Federal Deposit Insurance Corporation, an independent agency of the United States government that provides insurance coverage for bank deposits.
The FDIC insures bank deposits up to $250,000 per depositor, per account type.
The assets of a failed bank are typically used to pay off debts and liabilities, including insured deposits, and any remaining funds/assets are distributed to the bank’s creditors.
The FDIC pays for failed bank resolutions through a combination of insurance premiums paid by banks and funds from the U.S. Treasury.
You may be able to sue your failed bank, but the likelihood of recovery depends on the bank’s assets and liabilities.
A failed bank is a bank that has been closed by its regulatory authority, while a bank in receivership is a bank that is under the control of the FDIC or another receiver.
A receiver is a person or entity that takes control of a failed bank’s assets and operations.
A failed bank cannot come back in its original form, but its assets may be acquired by another institution and put back into operation.
You may be able to continue using your failed bank’s ATM and debit card for a short period of time, but you should contact the bank or the FDIC for more information.
Yes, you can open a new account with the acquiring institution.
Your safe deposit box will be closed and you will be allowed to retrieve your contents, but you should contact the bank or the FDIC for more information on how to do so.
You may be able to access your account information for a short period of time after the bank fails, but you should contact the bank or the FDIC for more information.
The FDIC’s role is to ensure that insured depositors are reimbursed for their deposits and to manage the failed bank’s assets and liabilities.
You may still be able to pay your bills if your bank fails, but you should contact the bank or the FDIC for more information on how to do so.
The acquiring institution may honor your bank’s interest rates, but you should contact the acquiring institution for more information.
You can check your bank’s financial condition by reviewing its financial statements and regulatory filings, or by contacting your bank’s regulators.
Yes, a bank can still fail even if it is insured by the FDIC.
You may not be able to withdraw your money from your failed bank online, but you should contact the bank or the FDIC for more information.
Yes, you can transfer your account to another bank after your bank fails.
The acquiring institution may change the terms of your account, but it should notify you of any changes.
FDIC insurance covers bank deposits, while SIPC insurance covers securities and cash held by brokerage firms.
You may be able to file a claim with the FDIC for losses incurred due to a failed bank’s misconduct, but the likelihood of recovery depends on the bank’s assets and liabilities.
Yes, a bank can fail without causing a financial crisis if it is a small institution and its failure does not have a significant impact on the financial system.
You may not be able to recover all of your uninsured deposits if your bank fails, but you should contact the bank or the FDIC for more information.
The FDIC may pay for losses incurred due to a failed bank’s misconduct if the losses are related to insured deposits.
You can protect yourself by spreading your deposits across multiple banks, staying informed about your bank’s financial condition, and maintaining adequate insurance coverage.
Your bank’s failure may not affect your credit score directly, but it may impact your ability to access credit in the future.
You may be able to use your checks from your failed bank for a short period of time, but you should contact the bank or the FDIC for more information.
You may not be able to make deposits to your failed bank account after the bank fails, but you should contact the bank or the FDIC for more information.
You may not be able to make withdrawals from your failed bank account after the bank fails, but you should contact the bank or the FDIC for more information.
Your bank’s failure may impact your direct deposits, but you should contact the bank or the FDIC for more information.
Your credit card may be transferred to a new issuer, or it may be cancelled.
You may be able to use your credit card from your failed bank for a short period of time, but you should contact the bank or the FDIC for more information.
Your bank’s failure should not impact your ability to access your retirement accounts, but you should contact your bank or the FDIC for more information.
You may be able to sue the FDIC, but the likelihood of recovery depends on the specific circumstances of your case.
The timeline for reopening a bank after it fails can vary depending on the complexity of the bank’s operations and assets.
You may not be able to use your online banking account after your bank fails, but you should contact the bank or the FDIC for more information.
You may not be able to access your mobile banking app after your bank fails, but you should contact the bank or the FDIC for more information.
The FDIC may notify customers of a bank that is in danger of failing, but it is not required to do so.