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Banks in FDIC Receivership:
Claim
Insured Accounts
at Closed Banks First BankAmericano - Elizabeth, NJ |
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Banks in FDIC Receivership:
Claim
Insured Accounts
at Closed Banks First BankAmericano - Elizabeth, NJ |
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July 31, 2009:
First BankAmericano, Elizabeth, NJ was closed by the New Jersey Department
of Banking and Insurance. The Federal Deposit Insurance Corporation (FDIC)
was named Receiver. As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million. The FDIC entered into a purchase and assumption agreement with Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano. All deposit accounts have been transferred to Crown Bank and are available immediately. On Saturday, August 1, 2009, the six former First BankAmericano locations reopened on August 1st as branches of Crown Bank. Transferred deposits will be separately insured from any accounts you may already have at Crown Bank for six months after the failure of First BankAmericano. All interest accrued through Friday, July 31, 2009, will be paid at your same rate; however Crown Bank will be reviewing rates. Crown Bank In addition to assuming all of the deposits of the failed bank, Crown Bank agreed to purchase essentially all of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million. For additional information and assistance contact the FDIC at: 1-866-954-9532; or go to: http://www.fdic.gov/bank/individual/failed/americano.html |
| 2009 FDIC Insured Failed Banks | |
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First
BankAmericano 339 North Broad Street Elizabeth, NJ 07208 http://www.firstbankamericano.com |
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Established on
1/15/1997 as |
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| Assets: $166 million | |
| Deposits: $157 million | |
| Cost to FDIC: $15 million | |
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| History: Established on 1/15/1997 as First BankAmericano |
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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 ... |
| Depositors must claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
or the successor institution must return the funds to the FDIC. Thereafter all
rights of the depositor against the transferee institution are barred. The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred. Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred. 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. Further, 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 tracing and reclaiming a lost bank account or safe deposit box go to: Missing Account Search |
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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 First
BankAmericano
and have not received a notice, please contact:
Federal Deposit Insurance Corporation |
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| © 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
