Advanta Bank UT closed by FDIC. Depositors must claim their FDIC-insured checking, savings and IRA accounts

	March 19, 2010: Advanta Bank Corp., Draper, UT was closed by the Utah Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver. Assets & Deposits: As of December 31, 2009, Advanta Bank Corp. had approximately $1.6 billion in total assets and $1.5 billion in total deposits. Successor Bank: An acquiring institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts. FDIC Insurance: Principal and interest on insured accounts, through March 19, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit. All deposit accounts that exceed the $250,000 insurance limit and/or all deposit accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. At the time of closing, the bank had an estimated $247,000 in uninsured funds. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-537-4048. Interest: Principal and interest on insured accounts, through March 19, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000. Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Advanta Bank Corp you should continue to make your payments as usual. Cost to FDIC: The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million. Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.
2009 FDIC Insured Failed Banks




Advanta Bank Corp. 11850 South Election Drive Draper, UT 84020
Established on 12/16/1991 as Colonial National Financial Corp.
Assets: $1.6 billion
Deposits: $1.5 million


Cost to FDIC: $636 million

History: 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.

12/16/1991 - Established as Colonial National Financial Corp.
01/01/1995 - Changed name to Advanta Financial Corporation
07/01/1998 - Changed name to Advanta Bank Corp

Depositor Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds 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.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, 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.

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 or safe deposit box go to: Missing or Unclaimed Account Search

Depositor Claims: For additional information and assistance on the Advanta Bank Corp. receivership contact the FDIC at: 1-800-537-4048; or go to: http://www.fdic.gov/bank/individual/failed/advanta-ut.html

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Advanta Bank Corp. and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Advanta Bank Corp.
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
1-800-568-9161