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THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 401k Plan overview

Plan NameTHE FIRST STATE BANK PROFIT SHARING 401(K) PLAN
Plan identification number 001

THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 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.
  • 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.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
  • 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 FOR THE FIRST STATE BANK has sponsored the creation of one or more 401k plans.

Company Name:FDIC AS RECEIVER FOR THE FIRST STATE BANK
Employer identification number (EIN):580943623
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012013-01-01MICHAEL L. SHEA FDIC AS RECEIVER2013-12-30 MICHAEL L. SHEA FDIC AS RECEIVER2013-12-30
0012012-01-01MICHAEL SHEA, AS FDIC RECIEVER MICHAEL SHEA, AS FDIC RECIEVER2013-09-26
0012011-01-01MICHAEL L. SHEA FDIC AS RECEIVER MICHAEL L. SHEA FDIC AS RECEIVER2012-10-12
0012010-01-01DEBBIE WALKER DEBBIE WALKER2011-10-11
0012009-01-01DEBBIE WALKER DEBBIE WALKER2010-10-05
0012009-01-01DEBBIE WALKER DEBBIE WALKER2010-10-05

Plan Statistics for THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN

401k plan membership statisitcs for THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN

Measure Date Value
2012: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2012 401k membership
Total participants, beginning-of-year2012-01-01111
Number of other retired or separated participants entitled to future benefits2012-01-0199
Total of all active and inactive participants2012-01-0199
Total participants2012-01-0199
Number of participants with account balances2012-01-0199
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-010
2011: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2011 401k membership
Total participants, beginning-of-year2011-01-01111
Total number of active participants reported on line 7a of the Form 55002011-01-01103
Number of other retired or separated participants entitled to future benefits2011-01-012
Total of all active and inactive participants2011-01-01105
Total participants2011-01-01105
Number of participants with account balances2011-01-0189
2010: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2010 401k membership
Total participants, beginning-of-year2010-01-01140
Total number of active participants reported on line 7a of the Form 55002010-01-01107
Number of retired or separated participants receiving benefits2010-01-017
Number of other retired or separated participants entitled to future benefits2010-01-014
Total of all active and inactive participants2010-01-01118
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2010-01-010
Total participants2010-01-01118
Number of participants with account balances2010-01-01110
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2010-01-012
2009: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-01150
Total number of active participants reported on line 7a of the Form 55002009-01-01110
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-0125
Total of all active and inactive participants2009-01-01135
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-01135
Number of participants with account balances2009-01-01134
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-017

Financial Data on THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN

Measure Date Value
2012 : THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2012 401k financial data
Total income from all sources (including contributions)2012-12-31$298,772
Total of all expenses incurred2012-12-31$22,816
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2012-12-31$12,167
Total contributions o plan (from employers,participants, others, non cash contrinutions)2012-12-31$13,522
Value of total assets at end of year2012-12-31$3,386,917
Value of total assets at beginning of year2012-12-31$3,110,961
Total of administrative expenses incurred including professional, contract, advisory and management fees2012-12-31$10,649
Total interest from all sources2012-12-31$2,810
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2012-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2012-12-31$0
Administrative expenses professional fees incurred2012-12-31$1,742
Was this plan covered by a fidelity bond2012-12-31Yes
Value of fidelity bond cover2012-12-31$4,000,000
If this is an individual account plan, was there a blackout period2012-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2012-12-31$0
Were there any nonexempt tranactions with any party-in-interest2012-12-31No
Participant contributions at beginning of year2012-12-31$26,726
Participant contributions at beginning of year2012-12-31$6,694
Value of other receiveables (less allowance for doubtful accounts) at end of year2012-12-31$59
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2012-12-31$446
Other income not declared elsewhere2012-12-31$34,313
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Value of net income/loss2012-12-31$275,956
Value of net assets at end of year (total assets less liabilities)2012-12-31$3,386,917
Value of net assets at beginning of year (total assets less liabilities)2012-12-31$3,110,961
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2012-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2012-12-31No
Were any leases to which the plan was party in default or uncollectible2012-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2012-12-31$2,024,884
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2012-12-31$1,864,021
Interest on participant loans2012-12-31$140
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2012-12-31$469,299
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2012-12-31$445,557
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2012-12-31$445,557
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2012-12-31$2,670
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2012-12-31$892,675
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2012-12-31$767,517
Net investment gain/loss from registered investment companies (e.g. mutual funds)2012-12-31$248,127
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2012-12-31No
Was there a failure to transmit to the plan any participant contributions2012-12-31No
Has the plan failed to provide any benefit when due under the plan2012-12-31No
Contributions received in cash from employer2012-12-31$13,522
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2012-12-31$12,167
Contract administrator fees2012-12-31$8,907
Did the plan have assets held for investment2012-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2012-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2012-12-31Yes
Opinion of an independent qualified public accountant for this plan2012-12-31Disclaimer
Accountancy firm name2012-12-31MAULDIN & JENKINS
Accountancy firm EIN2012-12-31580692043
2011 : THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2011 401k financial data
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$0
Total income from all sources (including contributions)2011-12-31$139,299
Total of all expenses incurred2011-12-31$633,941
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2011-12-31$623,393
Total contributions o plan (from employers,participants, others, non cash contrinutions)2011-12-31$161,090
Value of total assets at end of year2011-12-31$3,110,961
Value of total assets at beginning of year2011-12-31$3,605,603
Total of administrative expenses incurred including professional, contract, advisory and management fees2011-12-31$10,548
Total interest from all sources2011-12-31$7,357
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2011-12-31No
Administrative expenses professional fees incurred2011-12-31$758
Was this plan covered by a fidelity bond2011-12-31Yes
Value of fidelity bond cover2011-12-31$4,000,000
If this is an individual account plan, was there a blackout period2011-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2011-12-31$0
Were there any nonexempt tranactions with any party-in-interest2011-12-31No
Contributions received from participants2011-12-31$161,090
Participant contributions at end of year2011-12-31$26,726
Participant contributions at beginning of year2011-12-31$28,525
Participant contributions at end of year2011-12-31$6,694
Value of other receiveables (less allowance for doubtful accounts) at end of year2011-12-31$446
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2011-12-31$2,160
Other income not declared elsewhere2011-12-31$-32,338
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Value of net income/loss2011-12-31$-494,642
Value of net assets at end of year (total assets less liabilities)2011-12-31$3,110,961
Value of net assets at beginning of year (total assets less liabilities)2011-12-31$3,605,603
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2011-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2011-12-31No
Were any leases to which the plan was party in default or uncollectible2011-12-31No
Investment advisory and management fees2011-12-31$1,651
Value of interest in registered invesment companies (eg mutual funds) at end of year2011-12-31$1,864,021
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2011-12-31$2,030,213
Interest on participant loans2011-12-31$1,187
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2011-12-31$445,557
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2011-12-31$757,713
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2011-12-31$757,713
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2011-12-31$6,170
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2011-12-31$767,517
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2011-12-31$786,992
Net investment gain/loss from registered investment companies (e.g. mutual funds)2011-12-31$3,190
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2011-12-31No
Was there a failure to transmit to the plan any participant contributions2011-12-31No
Has the plan failed to provide any benefit when due under the plan2011-12-31No
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2011-12-31$623,393
Contract administrator fees2011-12-31$8,139
Did the plan have assets held for investment2011-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2011-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2011-12-31Yes
Opinion of an independent qualified public accountant for this plan2011-12-31Disclaimer
Accountancy firm name2011-12-31MAULDIN & JENKINS
Accountancy firm EIN2011-12-31580692043
2010 : THE FIRST STATE BANK PROFIT SHARING 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$487,359
Total loss/gain on sale of assets2010-12-31$0
Total of all expenses incurred2010-12-31$4,036,981
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$4,025,352
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$170,192
Value of total assets at end of year2010-12-31$3,605,603
Value of total assets at beginning of year2010-12-31$7,155,225
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$11,629
Total interest from all sources2010-12-31$75,569
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31No
Administrative expenses professional fees incurred2010-12-31$8,601
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$4,000,000
If this is an individual account plan, was there a blackout period2010-12-31No
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Contributions received from participants2010-12-31$170,192
Participant contributions at end of year2010-12-31$28,525
Participant contributions at beginning of year2010-12-31$20,627
Participant contributions at beginning of year2010-12-31$8,301
Value of other receiveables (less allowance for doubtful accounts) at end of year2010-12-31$2,160
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2010-12-31$17,011
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2010-12-31$0
Other income not declared elsewhere2010-12-31$30,148
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$-3,549,622
Value of net assets at end of year (total assets less liabilities)2010-12-31$3,605,603
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$7,155,225
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
Investment advisory and management fees2010-12-31$2,253
Value of interest in registered invesment companies (eg mutual funds) at end of year2010-12-31$2,030,213
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2010-12-31$2,258,057
Interest on participant loans2010-12-31$1,216
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2010-12-31$757,713
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2010-12-31$4,033,649
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2010-12-31$4,033,649
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2010-12-31$74,353
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2010-12-31$786,992
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2010-12-31$817,580
Net investment gain/loss from registered investment companies (e.g. mutual funds)2010-12-31$211,450
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
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$4,025,352
Contract administrator fees2010-12-31$775
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 name2010-12-31MAULDIN & JENKINS, CPA
Accountancy firm EIN2010-12-31580692043
2009 : THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN

2012: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingNo
2012-01-01This return/report is a short plan year return/report (less than 12 months)No
2012-01-01Plan is a collectively bargained planNo
2012-01-01Plan funding arrangement – InsuranceYes
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement - TrustYes
2011: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2011 form 5500 responses
2011-01-01Type of plan entitySingle employer plan
2011-01-01Submission has been amendedNo
2011-01-01This submission is the final filingNo
2011-01-01This return/report is a short plan year return/report (less than 12 months)No
2011-01-01Plan is a collectively bargained planNo
2011-01-01Plan funding arrangement – InsuranceYes
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement - TrustYes
2010: THE FIRST STATE BANK PROFIT SHARING 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 – InsuranceYes
2010-01-01Plan funding arrangement – TrustYes
2010-01-01Plan benefit arrangement - TrustYes
2009: THE FIRST STATE BANK PROFIT SHARING 401(K) PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
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 – InsuranceYes
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

NATIONWIDE LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66869 )
Policy contract numberGAP-B2-SQ72
Policy instance 1
Insurance contract or identification numberGAP-B2-SQ72
Insurance policy start date2011-01-01
Insurance policy end date2011-12-31
Total amount of commissions paid to insurance brokerUSD $2,236
Total amount of fees paid to insurance companyUSD $559
Are there contracts with unallocated funds for contracts of type guaranteed investment?Yes
NATIONWIDE LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66869 )
Policy contract numberGAP-B2-SQ72
Policy instance 1
Insurance contract or identification numberGAP-B2-SQ72
Insurance policy start date2010-01-01
Insurance policy end date2010-12-31
Total amount of commissions paid to insurance brokerUSD $2,416
Total amount of fees paid to insurance companyUSD $604
Are there contracts with unallocated funds for contracts of type guaranteed investment?Yes
Commission paid to Insurance BrokerUSD $2,416
Insurance broker organization code?3
Amount paid for insurance broker fees604
Additional information about fees paid to insurance brokerADMINISTRATIVE
Insurance broker namePENSION FINANCIAL SERVICES INC.

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