Below are some answers to frequently asked questions surrounding the recent announcement of American Bank's merger with The Necedah Bank. Be sure to check back for routine updates - more information will be provided as it becomes available throughout the summer.
Why have American Bank and The Necedah Bank decided to merge?
The banks have been sister banks, owned by the same holding company, since 2003 and already share many of the same processes and procedures. Joining together as a single entity makes good sense. The merger puts The Necedah Bank in a stronger position to serve consumer and business customers - with a much broader range of services and new technology and tools - while maintaining its strong commitment to the community.
When will the merger take effect?
The merger is expected to take effect on August 27, 2018.
What will happen to The Necedah Bank building?
The bank office on South Main Street in Necedah will continue to be open and serve the community, with the new name: American Bank of Necedah. All employees of The Necedah Bank will remain in place, which means customers and the community will continue to work with the same familiar, friendly and knowledgeable people you've come to know and trust.
How will this change affect customers of The Necedah Bank? American Bank?
Our goal is to ensure as seamless a transition as possible, and we are committed to open and transparent communication every step of the way.
At our Necedah office, you'll continue to see the same friendly and familiar faces at the same bank office, and accounts will continue to be insured by the Federal Deposit Insurance Commission (FDIC) under the full faith and credit of the United State government. The biggest difference is that by working together more closely, the merged bank will be able to provide new banking tools and technology for business and personal accounts, particularly expanded online banking services.
For our American Bank customers, you won't see much a difference - except that bank's network is now expanded to five locations in three different communities to better serve you should you be traveling to the Necedah area.
Will the bank continue to be active in the Necedah community?
Absolutely! As a Wisconsin-based community bank, American Bank shares The Necedah Bank's strong commitment to being an active and involved corporate citizen. The bank will continue to support local charitable programs, schools and other community organizations and activities - and we'll be looking for even more ways to help. We're proud of our century-strong roots in the Necedah community and look forward to helping create its strong future.
Will customers of The Necedah Bank need to order new checks?
No, customers will not need to order new checks at this time. When you place an order for a new supply of printed checks after August 27, the information on them will be updated with the American Bank's name and routing number. However, rest assured that your current checks will continue to work after the conversion.
If I have a debit card from The Necedah Bank, will it work after the merger?
New debit cards will be issued to current cardholders for use following the conversion. We are making one change to the service fee for the card - there will no longer be a monthly service fee for having your debit card!
If I set up automatic transactions on my account at The Necedah Bank, such as direct deposit or automatic payments, will I have to change those?
Automatic deposit and payment transactions will continue as normal. American Bank will be able to contact those who send you deposits and payment transactions and provide updated banking information. The company may contact you to verify that the information should be changed, but American Bank will take care of the initial notification.
What about Online Bill Pay transactions I have set up at The Necedah Bank?
Customers who currently use Online Bill Pay services from The Necedah Bank will have all of their data migrated over to American Bank at the time of conversion. Additionally, both banks use the same online bill payment system, so Necedah customers currently using the full bill payment system should find it easy to transition to American Bank's system.
Will outstanding personal checks, Cashier's Checks and Money Orders from The Necedah Bank still be good after the transition?
Yes. Personal checks, Cashier's Checks and Money Orders issued before the merger will be valid and can be cashed after the merger.
Will FDIC Deposit Insurance change because of the merger?
Insurance will stay the same. Accounts will continue to be insured by the Federal Deposit Insurance Commission (FDIC) under the full faith and credit of the United States government. The Necedah Bank's FDIC status will have the updated American Bank name, but will continue to have all coverages.