You don't have to do anything - the FDIC comes in (has done so about 14 times this past year) takes over the bank, makes sure everything is running, and then looks to sell the accounts/deposits to another institution which may or may not change the name of the bank. They will help you make any necessary changes, but things go on as they were before - much like any of the bank purchases/takeovers of the past few years.
Barb, I wonder if that can really be true for BOA and Citi. The stated problem is that the Government cannot rid them of their "toxic assets" without taking them over. If I understood correctly, the plan is to take over each bank and sell off the "good" assets, leaving only the "toxic" ones which cannot currently have values set for them. Reading between the lines, that means that the company that I currently understand as BOA, with its capabilities, will no longer exist afterwards. This is not about protecting the assets that I have with them, it is about dealing with the entity itself on many levels. One of the problems that BOA finally got fixed was the disparate way that each of several division that they acquired separately treated me as a customer. I suspect that if there are pieces of the current organization sold off, I'll be back to be treated differently by the sold off parts.
Don't get me wrong, I personally believe that many industries, in the name of efficiency, have consolidated into organizations that are unwieldy to manage and anything but efficient. General Electric, Exxon Mobil and both Citi and BOA are but a few on that list for me. I understand that in industries like oil where many countries have nationalized the companies and where our petroleum giants have tried to compete on a even playing field, size is a factor. But the downfall, especially in the banking industry that these meg-companies have helped to cause, is not good for any part of the world economy. I hope we have learned that lesson.