The First State Bank

Barboursville, West Virginia

The following list of responses to frequently asked questions may assist 

you in understanding what is happening at The First State Bank. 

The First State Bank, based in Barboursville, West Virginia, was closed on Friday, April 

3, 2020, by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit 

Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and 

assumption agreement with MVB Bank, Inc. (MVB Bank) of Fairmont, West Virginia to assume all of the 

deposits of The First State Bank. All shares of stock were owned by the holding company, which was not involved 

in this transaction.

YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All of

the deposits, regardless of dollar amount, were transferred to MVB Bank, other than the Cede & Co. deposits which 

will be returned to them.

ACCESS TO YOUR MONEY: You may continue to use your same checks, and they will clear up to the

balance in your account. Your ATM and Debit card will continue to work as usual. The total balance in your 

account(s), including checking, savings, money markets, non-brokered Certificates of Deposit, and retirement accounts

have been transferred to MVB Bank and will be available for transactions. 

The FDIC strongly encourages bank customers to follow Centers for Disease Control and Prevention guidance on 

social distancing and utilize online and electronic banking capabilities. 

In keeping with West Virginia Governor Jim Justice’s Stay-at-Home Order, customers should visit a bank 

branch only if an in-person visit is essential and only after calling your branch to make an appointment. 

ACCESS TO YOUR BANK BRANCH: Customers of The First State Bank should continue to use their

existing branches until they receive notice from MVB Bank that it has completed systems changes to allow other MVB 

Bank branches to process their accounts as well. Borrowers whose finances are impacted by the coronavirus pandemic 

should contact their original loan officers or call the contact information provided in their loan statements 

before addressing requests for modifications to MVB Bank. 

DIRECT DEPOSITS: All direct deposits, for example, social security, payroll, veterans’ benefits, disability,

unemployment, stimulus or any payment you receive electronically will continue as usual. 

AUTOMATIC PAYMENTS, BILL PAY, AND ONLINE BANKING: These services will

continue as usual. Your routing number and account number will remain the same until you are notified in writing by 

MVB Bank. 

INTEREST RATES: Interest on deposits accrued through close of business on Friday, April 3, 2020, will be

paid at your same rate. The First State Bank’s rates will be reviewed by MVB Bank and may be lowered, and you will 

be notified in writing of any changes. You may withdraw funds from any transferred account, regardless of whether 

your interest rate changes, without early withdrawal penalty until you enter into a new deposit agreement with MVB 

Bank. 

BROKERED DEPOSITS: The total of all deposit accounts, excluding the Cede & Co. deposits, has been

assumed by MVB Bank. If you are a customer who has a deposit with The First State Bank through a broker, you 

must contact your broker with any questions.

TAX REPORTING – 1098 AND/OR 1099: MVB Bank will be responsible for mailing your 1099 tax

information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any 

changes in ownership or servicing of your loan. 

SAFE DEPOSIT BOXES: You will have access to your safe deposit boxes; however, you should call your

branch to arrange an appointment. Any changes will be communicated by MVB Bank.
OVERDRAFT LINES OF CREDIT: These lines of credit have been transferred to MVB Bank. Please

call MVB Bank if you have additional questions regarding your accounts. 

LOAN PAYMENTS: You should continue to make your payments according to the terms of your written

contract. You may continue to send your payments to the same payment address with checks made payable to The 

First State Bank. You will receive a letter advising you of any changes. 

LOANS IN PROCESS: Please call your current loan officer directly.

ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you

receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.

SHARES OF STOCK: All shares of stock were owned by the holding company, First Bankshares, Inc.,

Barboursville, West Virginia. The holding company was not included in the closing of the bank or the resulting 

receivership. If you are a shareholder, please do not contact or file a claim with the receiver. You must contact the 

holding company directly for information: First Bankshares, Inc., P.O. Box 295, Barboursville, West Virginia 25504

CLAIMS: In order to facilitate the receipt of correspondence related to the Receiver’s administrative claims

process during this period of national emergency, any party/claimant who would normally send hardcopy mail to an 

FDIC facility related to the Receivership is encouraged to send electronic communication inquiries through email at 

nondepclaimsdal@fdic.gov or the FDIC Information and Support Center 

https://ask.fdic.gov/fdicinformationandsupportcenter/s/. 

In addition, any party/claimant who would normally send a Receivership claim submission via hardcopy mail is 

encouraged to submit the claim through the Non-Deposit Claims Web portal https://www5.fdic.gov/NDCWeb or 

through email at nondepclaimsdal@fdic.gov. 

Mailing Address: FDIC as Receiver for The First State Bank

1601 Bryan Street

Dallas, Texas 75201

ATTN: Claims Agent

DEPOSIT INSURANCE INFORMATION: If you have accounts in both The First State Bank and

MVB Bank, they will be insured separately for at least six months following the merger of the banks. This will allow

you time to restructure your accounts if necessary. 

ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below:

1-888-206-4662

FDIC CALL CENTER HOURS OF OPERATION – ALL HOURS ARE EASTERN TIME

Friday, April 3, 2020: Until 9:00 p.m.

Saturday, April 4, 2020: 9:00 a.m. – 6:00 p.m.

Sunday, April 5, 2020: 12:00 p.m. – 6:00 p.m.

Monday, April 6, 2020: 8:00 a.m. – 8:00 p.m.

Thereafter: 9:00 a.m. – 5:00 p.m.

SCAMS: Be careful and avoid any scams to obtain personal information from you by individuals or entities

stating that they are acting on behalf of The First State Bank, MVB Bank, or the FDIC. If you are contacted by anyone 

requesting personal information from you related to this event, please contact the FDIC Call Center above. 

Additional information: http://www.fdic.gov/bank/individual/failed/banklist.html