|
Failed Bank Report:
Claim
FDIC Insured Accounts
at Failed Banks ANB FInancial - Bentonville, AR |
 |
|
Failed Bank Report:
Claim
FDIC Insured Accounts
at Failed Banks ANB FInancial - Bentonville, AR |
|
|
|
May 9, 2008:
ANB
Financial, NA, Bentonville, AR was closed by the Office of the Comptroller
of the Currency (OCC). The Federal Deposit Insurance Corporation (FDIC)
was named Receiver. As of January 31, 2008, ANB Financial had $2.1 billion in assets and $1.8 billion in total deposits. Pulaski Bank and Trust Company will assume $212.9 million of the failed bank's insured non-brokered deposits for a premium of 1.011%, and will purchase $235.9 million of assets, consisting mainly of cash, cash equivalents and securities. The FDIC will retain the remaining assets for later disposition. The ANB Financial main office re-opened on Monday, May 12, as Pulaski Bank & Trust. All insured deposit accounts have been transferred to Pulaski Bank and Trust. Transferred deposits will be separately insured from any accounts you may already have at Pulaski Bank and Trust for six months after the failure of ANB.
Pulaski Bank and Trust
Company At the time of closing, ANB Financial had approximately $39.2 million in 647 deposit accounts that exceeded the federal deposit insurance limit. ANB Financial also had approximately $1.6 billion in brokered deposits. The FDIC will pay brokers directly for the amount of their insured funds. The FDIC estimates that the cost to its Deposit Insurance Fund is approximately $214 million. For additional information and assistance contact the FDIC at: 877-367-2719 or go to: http://www.fdic.gov/bank/individual/failed/anb.html |
| 2008 FDIC Insured Failed Banks | |
|
ANB Financial
N.A. 706 South Walton Blvd Bentonville, AR 72712 |
|
|
Established in 1994 as Arkansas National Bank |
|
| Assets: $2.1 billion | |
| Deposits: $1.8 billion | |
| Cost to FDIC: $214 million | |
| Insured Deposits: Principal and interest on insured accounts, through May 9, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit. |
|
Uninsured Deposits:
At the
time of closing, ANB Financial had approximately $39.2 million in 647
deposit accounts that exceeded the federal deposit insurance limit. These
customers will have immediate access to their insured deposits, and they
will become creditors of the receivership for the amount of their
uninsured funds.
All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If it appears that you have potentially uninsured funds, an FDIC Claim Agent will contact you, by either telephone or mail, regarding your accounts. You may call 1-877-367-2719 to arrange for a telephone interview with a Claim Agent. If it is determined that you have uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the assets of ANB Financial, NA - you may eventually recover some of your uninsured funds |
|
Forms:
The Claim Agent may
direct you to download and submit a particular form that will assist in
expediting the processing of your claim
List of Affidavits, Declarations, and Forms available for download |
| Checks: Checks will be processed as usual. All outstanding checks will be paid against your available insured balance(s) as if no change had occurred. Pulaski Bank and Trust Company will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact Pulaski Bank and Trust Company, Customer Service Department, at 1-888-226-5262. |
|
Automatic Deposits and Withdrawals: Your automatic direct deposits and/or automatic withdrawals should be transferred automatically to your Pulaski Bank and Trust Company. You should contact Pulaski Bank and Trust Company, however, to discuss your account(s) and to insure that service is not delayed or discontinued. |
| Services: You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc. |
| Interest: After May 9, 2008, your account will earn interest at a rate determined by Pulaski Bank and Trust Company. |
| Loans: If you had a loan with ANB Financial, NA, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice. |
| Interest: After May 9, 2008, your account will earn interest at a rate determined by Pulaski Bank and Trust Company. |
|
Creditor Claims:
If you provided a service for ANB Financial, NA and have not received a
notice, please contact: Federal Deposit Insurance Corporation |
|
Consumer Alert |
Unclaimed FDIC Insured Deposits |
|
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ... |
| If an
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred. The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred. Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred. It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address. Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search |
|
History:
Established in 1994 as Arkansas
National Bank 2005 Changed name to ANB Financial National Association 2008 Merged with government financial assistance and subsequently operated as part of Pulaski Bank and Trust Company |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
