We have been advised that on Friday, June 20, 2014, Valley Bank, Fort Lauderdale, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank.
The four branches of Valley Bank will reopen as branches of Landmark Bank, National Association. Depositors of Valley Bank will automatically become depositors of Landmark Bank, National Association. Deposits will continue to be insured by the FDIC and checks drawn on the bank will continue to be processed.
For more information about Landmark Bank, National Association, visit their web site at www.landmarkbankonline.com.
If you have any questions about the change-over, you can call the FDIC toll-free at 800-894-3199, or visit the FDIC's web site at http://www.fdic.gov/bank/individual/failed/valleybankfl.html.
This ALERT has been published for the sole purpose of meeting the company’s predetermined underwriting criteria, and should in no way be construed as the opinion of The Fund as to the financial stability or impropriety of the parties or entities named in this ALERT.
** This Alert should be kept as a permanent part of your records to assist in your compliance with the requirements contained herein. **
Please provide a copy of this Alert to your staff so they can read it and become aware of its contents.
Should you have any questions please call The Fund’s Underwriting Department at
800-432-9594 or send an E-mail to: underwriting@thefund.com.