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BANK OF ELMWOOD ESOP AND 401(K) PLAN 401k Plan overview

Plan NameBANK OF ELMWOOD ESOP AND 401(K) PLAN
Plan identification number 002

BANK OF ELMWOOD ESOP AND 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Partial participant-directed account plan - Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Stock bonus
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Leveraged ESOP - An ESOP that acquires employer securities with borrowed money or other debt-financing techniques. A completed Schedule E must be attached to a Form 5500 filed for an ESOP.
  • The employer maintaining this ESOP is an S Corporation
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

FDIC AS RECEIVER OF BANK OF ELMWOOD has sponsored the creation of one or more 401k plans.

Company Name:FDIC AS RECEIVER OF BANK OF ELMWOOD
Employer identification number (EIN):391244654
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BANK OF ELMWOOD ESOP AND 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022011-01-01FDIC RECEIVER FOR BANK OF ELMWOOD2012-03-30 FDIC RECEIVER FOR BANK OF ELMWOOD2012-03-30
0022010-01-01FDIC AS RECEIVER OF BANK OF ELMWOOD
0022009-01-01FDIC RECEIVER BY D. FOSTER FDIC RECEIVER BY D. FOSTER2010-10-14
0022009-01-01FDIC RECEIVER BY D. FOSTER FDIC RECEIVER BY D. FOSTER2010-10-14

Plan Statistics for BANK OF ELMWOOD ESOP AND 401(K) PLAN

401k plan membership statisitcs for BANK OF ELMWOOD ESOP AND 401(K) PLAN

Measure Date Value
2010: BANK OF ELMWOOD ESOP AND 401(K) PLAN 2010 401k membership
Total participants, beginning-of-year2010-01-01138
Total number of active participants reported on line 7a of the Form 55002010-01-010
Number of retired or separated participants receiving benefits2010-01-010
Number of other retired or separated participants entitled to future benefits2010-01-0124
Total of all active and inactive participants2010-01-0124
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2010-01-010
Total participants2010-01-0124
Number of participants with account balances2010-01-0124
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2010-01-010
2009: BANK OF ELMWOOD ESOP AND 401(K) PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-01133
Total number of active participants reported on line 7a of the Form 55002009-01-0178
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-0160
Total of all active and inactive participants2009-01-01138
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-01138
Number of participants with account balances2009-01-01132
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-012

Financial Data on BANK OF ELMWOOD ESOP AND 401(K) PLAN

Measure Date Value
2010 : BANK OF ELMWOOD ESOP AND 401(K) PLAN 2010 401k financial data
Total unrealized appreciation/depreciation of assets2010-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total income from all sources (including contributions)2010-12-31$278,541
Total loss/gain on sale of assets2010-12-31$0
Total of all expenses incurred2010-12-31$4,421,274
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$4,420,713
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$0
Value of total assets at end of year2010-12-31$201,936
Value of total assets at beginning of year2010-12-31$4,344,669
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$561
Total interest from all sources2010-12-31$21
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$14,003
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2010-12-31$0
Total dividends received from registered investment company shares (eg mutual funds)2010-12-31$14,003
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$2,800,000
If this is an individual account plan, was there a blackout period2010-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Participant contributions at beginning of year2010-12-31$668
Value of other receiveables (less allowance for doubtful accounts) at end of year2010-12-31$8
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2010-12-31$5,769
Administrative expenses (other) incurred2010-12-31$561
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$-4,142,733
Value of net assets at end of year (total assets less liabilities)2010-12-31$201,936
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$4,344,669
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2010-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2010-12-31No
Were any leases to which the plan was party in default or uncollectible2010-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2010-12-31$167,111
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2010-12-31$1,744,585
Interest on participant loans2010-12-31$21
Value of interest in common/collective trusts at end of year2010-12-31$34,817
Value of interest in common/collective trusts at beginning of year2010-12-31$2,593,647
Net investment gain/loss from registered investment companies (e.g. mutual funds)2010-12-31$164,110
Net investment gain or loss from common/collective trusts2010-12-31$100,407
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2010-12-31No
Was there a failure to transmit to the plan any participant contributions2010-12-31No
Has the plan failed to provide any benefit when due under the plan2010-12-31No
Assets. Invements in employer securities at beginning of year2010-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$4,420,713
Did the plan have assets held for investment2010-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2010-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2010-12-31Yes
Opinion of an independent qualified public accountant for this plan2010-12-31Disclaimer
Accountancy firm name2010-12-31CLIFTON GUNDERSON LLP
Accountancy firm EIN2010-12-31370802863

Form 5500 Responses for BANK OF ELMWOOD ESOP AND 401(K) PLAN

2010: BANK OF ELMWOOD ESOP AND 401(K) PLAN 2010 form 5500 responses
2010-01-01Type of plan entitySingle employer plan
2010-01-01Submission has been amendedYes
2010-01-01This submission is the final filingNo
2010-01-01This return/report is a short plan year return/report (less than 12 months)No
2010-01-01Plan is a collectively bargained planNo
2010-01-01Plan funding arrangement – TrustYes
2010-01-01Plan benefit arrangement - TrustYes
2009: BANK OF ELMWOOD ESOP AND 401(K) PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedYes
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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