The Bank of Fincastle Merger

 

We are excited to announce effective July 1, 2021, The Bank of Fincastle merged with First Bank.  Although now First Bank, we will continue to operate as The Bank of Fincastle and there will be no interruption in any of the financial services you enjoy today.  Please continue to utilize your existing checks, debit card, ATMs and digital platforms as you normally would.

We will be working throughout the summer to merge our systems and will continue to provide updates here, as well as through direct correspondence, as our work progresses.  Please watch for additional information to be delivered throughout the summer.

 

Frequently Asked Questions


Q. When will the merger take place?

A. On July 1, 2021, The Bank of Fincastle will merge with First Bank.

 

Q: How will this merger benefit me?

A: By combining our two great companies, we will be able to offer an expanded branch network and additional products and services to our customers.

 

Q. Will The Bank of Fincastle name change?

A. The Bank of Fincastle name will continue while we work to merge our systems.  We anticipate this work to continue throughout the summer and be completed on October 18, 2021. 

 

Q: Will our current locations and hours change?

A: There are no plans to close any locations or modify operating hours.   

 

Q: Will the staff remain the same?

A: Yes, you will continue to bank with the same familiar bankers who provide the excellent customer service to which you have become accustomed.

 

Q: Will any of my account numbers change?

A: At this time, your checking account number will remain the same. However, in the event that your account number has to change, we will notify you well in advance, and assist you every step of the way.  Please continue to use your debit card, checks, and other account services as you normally would.

 

Q: Where should I send my loan payments?

A: Loan payments can continue to be made online, at any of our branch offices, or through the mail.

 

Q: Will my loan payment and/or due date change?

A: The terms of your loan, including payment amount and due date, will not change. 

 

Q: Will I need to order new checks?

A: For now, continue to use your current checks. If you need to reorder, any member of our branch team will be happy to assist you.

 

Q: Do I need a new Debit/ATM Card?

A: Please continue to use your debit/ATM card. When we merge our systems in October, you will receive a new Debit/ATM card. We will notify you well in advance of the arrival of your new card.

 

Q: Will I have to set up a new username or password?

A: Online Banking, Mobile Banking and Bill Pay will continue to operate as normal. Please continue to use your existing username and password to access these services. When we merge our systems in October, you will be asked to set up a new username and password. We will notify you well in advance of this change and we will assist you in this process.

 

Q: Will the recurring transactions set up with my existing debit card continue be authorized?

A: Yes, debit card services will not be interrupted. When we merge our systems in October, you will be required to set up recurring transactions with your new debit card. We will notify you well in advance of this change and we will assist you in this process.

 

Q: Will I need to change my direct deposit and/or automatic draft transactions.

A:  You will not need to make any changes to your current arrangements. All direct deposit and automatic draft arrangements, such as Social Security benefits, payroll deposits and loan payments, made with your account will continue to be processed. 

 

Q: When can I begin using the First Bank branch offices?

A: Once we merge our banking systems, we will be able to provide you with service at all First Bank branches.  We anticipate completion on October 18, 2021.

 

Q: How will the merger affect my FDIC insurance coverage?

A: If you have accounts at both The Bank of Fincastle and First Bank, deposits at The Bank of Fincastle will be separately insured from deposits at First Bank for at least six months after the merger. Certificates of Deposit (CDs) from The Bank of Fincastle are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.  If a CD matures during the six-month grace period and is renewed for any other term, it would be separately insured only until the end of the six-month grace period. If you have any questions about FDIC insurance coverage, any member of our branch team will be happy to assist you.

 

CONTACT US

Bank of Fincastle - 540.473.2761

First Bank - 888.647.1265.