Farmers and Merchants Bank Assumes All of the Deposits of Ericson State Bank, Ericson, Nebraska — 2020-02-14

WASHINGTON — Ericson State Bank in Ericson, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Farmers and Merchants Bank in Milford, Nebraska, to assume all of the deposits of Ericson State Bank. The sole branch of Ericson State Bank will reopen as a branch of Farmers and Merchants Bank on Tuesday, February 18, 2020. Depositors of Ericson State Bank will automatically become depositors of Farmers and Merchants Bank. Deposits will continue to be insured by the FDIC, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.