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Failed Banks taken over by the
Government:
Claim FDIC Insured Deposits at Failed Banks Columbian Bank & Trust - Topeka, KS |
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Failed Banks taken over by the
Government:
Claim FDIC Insured Deposits at Failed Banks Columbian Bank & Trust - Topeka, KS |
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August 22, 2008:
The Columbian Bank and Trust Company, Topeka, KS was closed by the Kansas
Office of the State Bank Commissioner. The Federal Deposit Insurance
Corporation (FDIC) was named Receiver. As of June 30, 2008, The Columbian Bank and Trust Company had assets of $752 million and total deposits of $622 million. All insured, non-brokered deposit accounts were transferred to Citizens Bank & Trust, Chillicothe, Missouri and were available immediately. The bank re-opened on Monday, August 25, at the nine former Columbian Bank and Trust Company main office and branch locations. There were approximately $46 million in uninsured deposits held in approximately 610 accounts that potentially exceeded the insurance limits.
Citizens Bank & Trust Citizens Bank and Trust agreed to assume the insured deposits for a 1.125% premium. It also purchased $85.5 million of the failed bank's assets, primarily cash, cash equivalents and securities. The FDIC will retain the remaining assets for later disposition. The cost to the FDIC's Deposit Insurance Fund is estimated to be $60 million. For additional information and assistance contact the FDIC at: 800 523-8209 or go to: http://www.fdic.gov/bank/individual/failed/columbian.html |
| 2008 FDIC Insured Failed Banks | |
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The Columbian
Bank and Trust Company 701 Kansas Avenue Topeka, KS 66603 |
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| http://www.columbianbank.com | |
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Established in 1978 as The Columbian Trust Company |
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| Assets: $752 million | |
| Deposits: $622 million | |
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Cost to FDIC: $60 million |
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| Insured deposits: Principal and interest on insured accounts, through August 22, 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 can 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:
There
were approximately $46 million in uninsured deposits held in approximately
610 accounts that potentially exceeded the insurance limits. The Columbian
Bank and Trust Company also had approximately $268 million in brokered
deposits that are not part of the purchase and assumption agreement with
Citizens. The FDIC will pay the brokers directly for the amount of their
insured 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 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 800-523-8209. If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of The Columbian Bank and Trust Company. FDIC as Receiver for The Columbian Bank and
Trust Company |
| Interest: All interest accrued through Friday, August 22, will be paid at your same rate. Citizens Bank & Trust will be reviewing rates and will provide further information soon. You will be notified of any changes. |
| Checks: Your checks will be processed as usual. All outstanding checks will be paid against your available insured balance as if no change had occurred. If you have a problem with a merchant refusing to accept your check, please contact Citizens Bank & Trust, Customer Service Department, at 785-233-1515. |
| Services: As of August 25, 2008 you may continue to use the services to which you previously had access, such as ATMs, online services, safe deposit boxes, night deposit boxes, wire services, etc. |
| Automated Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to Citizens Bank & Trust. If you have any questions or special requests, you may contact a representative of your assuming institution at 785-233-1515. |
| Checks: Your checks will be processed as usual. All outstanding checks will be paid against your available insured balance as if no change had occurred. If you have a problem with a merchant refusing to accept your check, please contact Citizens Bank & Trust, Customer Service Department, at 785-233-1515. |
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Forms:
The FDIC Claim Agent may direct you to download and submit a
particular form that will assist in expediting the processing of your
claim. |
| Loans: If you had a loan with The Columbian Bank and Trust Company, you should continue to make your payments as usual. The terms of your loan will not change, as they are contractually agreed to your promissory note. Checks should be made payable as usual and sent to the same address until further notice. |
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Creditor Claims:
In
accordance with Federal law, allowed claims will be paid, after
administrative expenses, in the following order of priority: Depositors, General Unsecured Creditors, Subordinated Debt
holders and Stockholders. If you provided a service for Columbian Bank and Trust, 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 |
| History:
Established in 1978 as The Columbian Trust
Company 1983 Changed name to The Columbian National Bank And Trust Company 1991 Acquired Topeka Bank And Trust Company 1996 Changed name to The Columbian Bank And Trust Company 2006 Acquired Keystone Bank 2008 Merged with government financial assistance and subsequently operated as part of Citizens Bank and Trust Company |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
