Rio Bank and Elsa State Bank Merger

Rio Bank Merger Letter

Frequently Asked Questions:

Why is Rio Bank acquiring Elsa State Bank?

Elsa State Bank and Rio Bank are both community customer-focused financial institutions that provide personalized, one-on-one service to our customers in the Rio Grande Valley. By merging our two organizations, both banks’ customers will gain additional products and services, as well as access to 14 full-service banking centers across our Rio Grande Valley community.

Will Elsa State Bank change its name?

Yes. Under the terms of the merger agreement, the name will change to Rio Bank.

When will I notice the new signs?

On September 1, 2018, you will see the Rio Bank signs installed at all Elsa State Bank locations.

What we would like you to know about your bank.

Rio Bank is a Rio Grande Valley-based bank headquartered in McAllen, Texas. Rio Bank was founded in 1985.  Rio’s Founding Principal is “Commitment to Honesty, Integrity and Quality of Service”.  Rio Bank’s Mission Statement is “We help our community grow”.

What happens now with Rio Bank & Elsa State Bank accounts?

Nothing at this point; it is business as usual. You may continue to conduct your banking as you always have. We plan to integrate the operating systems February 18, 2019.

Will bank center hours change?

All locations will have the same hours.  Bank lobby hours will be 9:00 a.m. to 4:00 p.m. Monday through Thursday and extended from 9:00 a.m. to 6:00 p.m. on Friday.  Motor Bank hours will be 8:00 a.m. to 6:00 p.m. Monday through Friday and 9:00 a.m. to 1:00 p.m. on Saturday.

How will this affect my FDIC deposit insurance coverage?

When two insured banks merge, deposits from the assumed bank are separately insured from deposits at the assuming bank for at least six months after the merger.  This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary. 
Certificates of Deposit (CDs) from Elsa State Bank 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 on any other basis, it would be separately insured only until the end of the six month grace period.
This FDIC information will only come into play if you have deposits with both banks and the combined total exceeds the $250,000 FDIC insured limit.

What new products and services will be available for Rio Bank existing customers?

You will notice several upgraded products & service features in reference to your Debit Cards and Bill Pay that will be available in mid-November 2018. More information will follow that will explain the new products and services that you will have access to.

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