First Lowndes Bank Alabama closed by FDIC. Accounts transferred to First Citizens Bank, AL. Claim FDIC insured CDs, IRAs, Checking and Savings Accounts

	March 19, 2010: First Lowndes Bank, Fort Deposit, AL was closed by the Alabama Banking Department. The Federal Deposit Insurance Corporation was named receiver. Assets & Deposits: As of December 31, 2009, First Lowndes Bank had approximately $137.2 million in total assets and $131.1 million in total deposits. Successor Bank: All deposit accounts have been transferred to First Citizens Bank, Luverne, AL. The four branches of First Lowndes Bank reopened as branches of First Citizens Bank. First Citizens Bank 100 West Third Street Luverne, AL 36049 http://www.fcbl.com FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at First Citizens Bank for six months after the failure of First Lowndes Bank. Interest: All interest accrued through Friday, March 19, 2010 will be paid at your same rate. First Citizens Bank will be reviewing rates. 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 First Lowndes Bank you should continue to make your payments as usual. Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.3 million. First Citizens Bank did not pay the FDIC a premium to assume all of the deposits of First Lowndes Bank. In addition to assuming all of the deposits, First Citizens Bank agreed to purchase essentially all of the failed bank's assets. The FDIC and First Citizens Bank entered into a loss-share transaction on $104.1 million of First Lowndes Bank's assets. 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




First Lowndes Bank 350 West Old Fort Road Fort Deposit, AL 36032
Established on 2/9/198 as First Lowndes Bank
Assets: $137 million
Deposits: $131 million


Cost to FDIC: $38 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.

02/09/1984 - Established as First Lowndes Bank

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: Abandoned Funds Search

Depositor Claims: For additional information and assistance on the First Lowndes Bank receivership contact the FDIC at: 1-800-450-5417; or go to: http://www.fdic.gov/bank/individual/failed/firstlowndes.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 First Lowndes Bank and have not received a notice, please contact:

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