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General Information About ABA Routing Number

What is an ABA Routing Number

An ABA (American Bankers Association) routing number, also known as a bank routing number that identifies the perticular financial institution or banks branch in the U.S. ABA routing no is a nine digits numarical number developed by American Bankers Association in 1910. An ABA Routing Number will only be issued to a federal or state chartered financial institution which is eligible to maintain an account at a Federal Reserve Bank.

Decoading an ABA Routing Number

• The first four digit of the ABA/Routing Number is assigned by the Federal Reserve Routing System and represent the bank's physical location.


• Next two digit is designate which Federal Reserve bank the institution's electronic and wire transfers will route through.


• Next digit mean seventh digit indicates which Federal Reserve cheque processing center was initially assigned to the bank.


• Next digit mean eighth digit of the Routing number designates which Federal Reserve district the bank is in.


• Lastly the nineth digit provides a checksum. The checksum is a complicated mathematical expression using the first eight digits. If the end result does not equal the checksum number, the transaction gets flagged and rerouted for manual processing.

Example: Breakdown of ABA Routing Number Number

What ABA Routing Number Used For?

An ABA Routing Number used for various financial transation and wires and electronic automatic clearing house (ACH) transactions such as electronic funds transfer, direct deposit, direct payment of consumer bills, e-checks, and tax payments, among others.

How to Find ABA Routing Numbers?

You can get your account’s ABA number from several sources. If you have a checkbook handy, the easiest solution is to locate the numbers at the bottom of one of your checks & also you can login into your online banking portal to check the ABA routing number & lastly contact to your bank helpline number or visit bank physical location & ask for the routing number.

FEDERAL RESERVE DISTRICT

List of Federal Reserve District Codes for all Banks in US

00 is used by the United States Government & 80 is used for traveler's checks.

Chequesum Calculation Method

The cheque digit is the ninth digit of the routing number and must meet the following condition.

3(d1 + d4 + d7) + 7(d2 + d5 + d8) + (d3 + d6 + d9) mod 10 = 0
(Mod or modulo is the remainder of a division operation.)

As an example: 011900571 is a routing number of Bank Of America, Virginia. So as per chequesum calculation method -

ABA PREFIX TABLE

This table is up to date as of 2020. One weakness of the current routing table arrangement is that various territories like American Samoa, Guam, Puerto Rico and the US Virgin Islands share the same routing code.

2014 FDIC Insured Failed Banks

Successor Bank:All deposit accounts, including brokered deposits, have been transferred to First Choice Bank, Mercerville, NJ

First Choice Bank
669 Whitehead Road
Lawrenceville, NJ 08648

History:

► Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes. By law, accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.

► It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

►For assistance tracing and reclaiming a lost bank account, certificate of deposit (CD) or safe deposit box go to:Unclaimed Account Search

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The Federal Deposit Insurance Corp. on Aug. 25 released a list of administrative enforcement actions, issued in July, against banks and individuals. This list below includes three civil money penalty assessments, three consent orders, five prohibition orders, one termination of a cease and desist order, and five terminations of consent orders. There are no scheduled administrative hearings for September.

The following summary excludes actions that do not meet criteria for S&P Global Market Intelligence's news coverage, or that have been covered already. Click here to view an Excel template showing a full database of enforcement actions against U.S. banks and thrifts.

Assessments of civil first choice bank mercerville nj penalties

* $35,000 against David Bezar, former president and CEO of Horsham, Pa.-based Vantage Point Bank, on July 5.

He consented to the penalty without admitting or denying any violations of law, unsafe or unsound practices, or breaches of fiduciary duty. The Pennsylvania Department of Banking and Securities shut down the bank Feb. 28, 2014, with Mercerville, N.J.-based First Choice Bank buying the failed bank's deposits and assets. Pittsfield, Mass.-based Berkshire Hills Bancorp Inc. completed the acquisition of First Choice Bank in December 2016.

* $35,000 against Michael Todd Mansfield, former president of Hopkinsville, Ky.-based Todd Bancshares Inc. unit United Southern Bank, on July 5.

He consented to the penalty without admitting or denying any violations, unsafe or unsound practices, or breaches of fiduciary duty.

* $125,000 against Albert Kelly Jr., former chairman, president and CEO of Spirit BankCorp Inc. unit Tulsa, Okla.-based SpiritBank, on July 27.

He consented to the penalty without admitting or denying any violation of law.

Consent orders

* Against Argonia, Kan.-based Farmers and Merchants State Bank of Argonia on July 6.

Among other things, the bank is required to: Get qualified management in 60 days, including a CEO with outside experience in managing and collecting adversely classified loans; eliminate, by charge-off or collection, all assets or portions of assets classified as "loss" within 10 days; reduce adversely classified assets in 60 days; review and revise its written loan policy and credit administration procedures; and submit a plan to reduce and manage its credit concentrations. The bank consented to the order without admitting or denying any charges of unsafe or unsound banking practices or violations of laws and/or regulations.

* Against Salt Lake City-based Liberty Bank Inc. on July 12.

The FDIC accused the bank of having unsafe or unsound banking practices relating to its management and directors, capital maintenance, liquidity, credit administration, third-party risk management, audit, interest rate risk, and strategic and profit planning. Among other things, the bank is required to: review the appropriateness and develop a comprehensive policy relating to its allowance for loan and lease losses; develop and implement a written strategic plan designed to improve net interest margin, increase interest income, reduce discretionary expenses, and improve and sustain earnings; and maintain Tier 1 capital to ensure that the bank's leverage ratio equals or exceeds 10% and 12% within 180 days from the order's effective date. The bank consented to the order without admitting or denying any of the FDIC's allegations.

* Against Louisa, Ky.-based Louisa Community Bank on July 26.

The FDIC accused the bank of unsafe or unsound banking practices and violations of law or regulation relating to weaknesses in the area of consumer protection and compliance. Among other things, the bank is required to: develop and implement effective compliance monitoring procedures; improve board oversight of its compliance management system; and employ a qualified full-time compliance officer. The bank consented to the order without admitting or denying the FDIC's charges. The FDIC also issued a consent order against the bank in May related to compliance issues with the Bank Secrecy Act.

Orders of prohibition from further participation

* Against Gregg Ward and Susan Ward, former president and vice chairman, and a former director, respectively, of Camargo, Okla.-based First State Bank on July 5.

The two — who also previously consented to civil money penalties from the FDIC — consented to their separate orders without admitting or denying any violations of law or regulations, unsafe or unsound banking practices, and/or any breaches of fiduciary duty. The bank failed in 2011, and its banking operations were acquired by Oklahoma City-based Haines Financial Corp. in an FDIC-assisted deal.

* Against David Bezar on July 5.

* Against Michael Todd Mansfield on July 5.

* Against Albert Kelly on July 27.

Termination of cease and desist order

* Salt Lake City-based Liberty Bank Inc. on July 12.

Termination of consent orders

* Los Angeles-based State Bank of India (California) on July 20.

The consent order was issued March 20, 2013.

* Gresham, Ore.-based MBank on July 21.

The consent order was issued Dec. 1, 2015. The bank was acquired by Riverview Community Bank in February. The Riverview Bancorp Inc. unit picked up roughly $115 million in net loans and assumed certain liabilities of MBank, including about $133 million in customer deposits.

* Gastonia, N.C.-based Alliance Bank & Trust Co., a unit of AB&T Financial Corp., on July 24.

The consent order was originally issued Feb. 1, 2012.

* Las Vegas, N.M.-based Community 1st Bank Las Vegas, first choice bank mercerville nj unit of FNB Financial Corp., on July 25.

The consent order against the bank was issued May 5, 2014.

* Sterling, Ill.-based Sauk Valley Bank & Trust Co., a unit of SV Financial Inc., on July 26.

This consent order was issued July 19, 2016.

Share your passion for hair!
Join our FCH team today!

Are you a motivated hair stylist craving an exciting, full-service salon with built-in clientele, a generous benefits package and a best-in-class education program?

Share your passion. Become a First Choice Haircutters stylist.

2014 FDIC Insured Failed Banks

Successor Bank:All deposit accounts, including brokered deposits, have been transferred to First Choice Bank, Mercerville, NJ

First Choice Bank
669 Whitehead Road
Lawrenceville, NJ 08648

History:

► Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes. By law, accounts which go unclaimed for an extended period may be time first choice bank mercerville nj, and safe deposit boxes can be drilled and the contents sold at auction. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.

► It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

►For assistance tracing and reclaiming a lost bank account, certificate of deposit (CD) or safe deposit box go to:Unclaimed Account Search

Business ProfileforFirst Choice Bank