insideyournwa.com

Earlier this year I told you about some of the problems with ANB Financial (Arkansas National Bank). The worst fears came true on May 9, 2008 when the FDIC was named Receiver. They give no advance warning to the public when they are going to take over a bank.

I spoke with several people from the bank who assured me that most people with accounts at ANB will be able to access their money using the same debit cards, checks, etc. that they currently use. Pulaski Bank purchased the insured accounts from the FDIC and plans to keep the banks running as normal.

Here is a link to the official press release from the FDIC.

If you have any questions about your accounts, loans, lines of credit, etc. you can contact the new bank at the same phone number you always used. In fact you will likely talk to the same person you are used to because as far as I can tell they didn’t lay anyone off.

Why did this happen? Unfortunately this is a byproduct of what has gone on in the market lately. Although it shouldn’t be taken lightly, it isn’t a sign that all banks are going under. ANB weighted it’s investments too far in the real estate sector giving a higher risk of failure if real estate ever had a down turn. There are steps that banks in the same situation can take to turn their situation around so the Government doesn’t shut them down.

If you read the business journal you may have seen this article about Gaines Dittrich who formed Dittrich and Associates. Dittrich is touted as the “bank doctor” and for good reason. In his over 40 years of experience Dittrich has been able to salvage many banks that were in similar situations to ANB.

To contact Dittrich and Associates call 417-214-3819 or email Mr. Dittrich at gditt64@gmail.com.