Closed Banks: Alpha Bank & Trust - Claim Your Insured Savings Account, CD or Safe Deposit Box

	October 24, 2008: Alpha Bank & Trust, Alpharetta, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of September 30, 2008, Alpha Bank & Trust had total assets of $354.1 million and total deposits of $346.2 million. All insured non-brokered deposit accounts have been transferred to Stearns Bank, N.A., St. Cloud, MN. Alpha Bank & Trust also had approximately $16.8 million in brokered deposits that are not part of this transaction. The FDIC will pay the brokers directly for the amount of their insured funds. On Monday, October 27, the two former Alpha Bank & Trust locations reopen as branches of Stearns Bank, N.A. Stearns Bank National Association 4191 Second Street South Saint Cloud, MN 56303 http://www.stearns-bank.com Stearns Bank did not pay the FDIC a premium for the right to assume the failed bank's insured deposits. In addition to assuming the failed bank's insured deposits, Stearns Bank, N.A. purchased approximately $38.9 million of Alpha's assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to its Deposit Insurance Fund will be $158.1 million For additional information and assistance contact the FDIC at: 800-591-2912 or go to: http://www.fdic.gov/bank/individual/failed/alpha.html
2008 FDIC Insured Failed Banks




Alpha Bank & Trust 3625 Brookside Parkway Alpharetta, GA 30022 http://www.myalphabank.com
Established on 5/8/2006 as Alpha Bank & Trust
Assets: $354 million
Deposits: $346 million


Cost to FDIC: $158.1 million

Insured deposits: Principal and interest on insured accounts, through October 24, 2008, are fully insured by the FDIC, up to the insurance limit of $250,000.

Uninsured deposits: At the time of closing, there were approximately $3.1 million in uninsured deposits held in approximately 59 accounts that potentially exceeded the insurance limits. All interest bearing accounts that exceed the $250,000 insurance limit, and/or all interest bearing accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. 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 1-800-591-2912.

Forms: If it is determined that you have uninsured funds, the FDIC will mail a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Alpha Bank & Trust. The FDIC Claim Agent may direct uninsured depositors to download and submit claims forms:

List of Affidavits, Declarations, and Forms available for download
Instructions for completing the Deposit Claims forms and Mailing/Fax information

Services: As of October 27, 2008, you may continue to use the services to which you previously had access, including safe deposit boxes, night deposit boxes, ATMs, wire services, etc.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank 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, contact your branch office.

Interest: All interest accrued through Friday, October 24, 2008, will be paid at your same rate. Stearns Bank, N.A. will be reviewing rates and will provide further information soon. You will be notified of any changes.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with Stearns Bank, as long as the deposits are not pledged as collateral for loans.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: If you had a loan with Alpha Bank & Trust, 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 your promissory note with the failed institution. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, you may call 1-800-591-2912.

Creditor Claims: If you provided a service for Alpha Bank & Trust and have not received a notice from the FDIC, contact:

Federal Deposit Insurance Corporation
Receiver: Alpha Bank & Trust
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
1-800-568-9161

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 on 5/8/2006 as Alpha Bank & Trust