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Failed Bank Report:
Claim
FDIC Insured Funds
at Failed Banks Alliance Bank - Culver City, CA |
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Failed Bank Report:
Claim
FDIC Insured Funds
at Failed Banks Alliance Bank - Culver City, CA |
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February 6, 2009:
Alliance Bank, Culver City, CA was closed by the California Department of
Financial Institutions (DFI). The Federal Deposit Insurance Corporation
(FDIC) was named Receiver. As of December 31, 2008, Alliance Bank had assets of approximately $1.14 billion and deposits of $951 million. The FDIC entered into a purchase and assumption agreement with California Bank & Trust, San Diego, California, to assume all of the deposits of Alliance Bank. All deposit accounts have been transferred to California Bank & Trust, and are available immediately. On Monday, February 9, 2009, the five former Alliance Bank locations reopened as branches of California Bank & Trust. Transferred deposits will be separately insured from any accounts you may already have at California Bank & Trust for six months after the failure of Alliance Bank. All interest accrued through Friday, February 6, 2009, will be paid at your same rate; however California Bank & Trust will be reviewing rates. California Bank & Trust The FDIC and California Bank & Trust entered into a loss-share transaction. California Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. In addition to assuming all of the deposits of the failed bank, including those from brokers, California Bank & Trust agreed to purchase approximately $1.12 billion in assets, at a discount of $9.9 million. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $206 million. For additional information and assistance contact the FDIC at: 800-523-8275 or go to: http://www.fdic.gov/bank/individual/failed/alliance.html |
| 2009 FDIC Insured Failed Banks | |
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Alliance Bank 100 Corporate Pointe, Suite 110 Culver City, CA 90230 http://www.allbank.com |
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Established on
5/15/1980 as |
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| Assets: $1.14 billion | |
| Deposits: $951 million | |
| Cost to FDIC: $206 million | |
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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
Alliance Bank and have not received a notice, please contact: Federal
Deposit Insurance Corporation |
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Consumer Alert |
Unclaimed FDIC Insured Deposits |
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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 |
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History: Established on
5/15/1980 as Alliance Bank Of
Culver City 10/1/1981 - Name changed to Alliance Bank |
| © 2009 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
