Farmers & Merchants Bank acquires failed Ericson bank
February 20, 2020
The Nebraska Department of Banking and Finance (NDBF) closed Ericson State Bank at Ericson, Neb., on Friday. NDBF had been closely monitoring the bank for some time and recently made a demand for a capital injection, which was not met.
NDBF named the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank. The FDIC has entered into a purchase and assumption agreement with Farmers and Merchants Bank, Milford, Neb.. The transaction includes the assumption of all customer deposits. The sole office of Ericson State Bank, located at 427 Central Avenue, Ericson, Neb., opened for bu...