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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks First Priority Bank - Florida |
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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks First Priority Bank - Florida |
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August 1, 2008:
First Priority
Bank, Bradenton, FL was closed by the Florida Office of Financial
Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named
Receiver. As of June 30 2008, First Priority had total assets of $259 million and total deposits of $227 million. SunTrust agreed to assume insured deposits for no premium. In addition to assuming the insured deposits, SunTrust Bank purchased $42 million of the failed bank's assets, comprised of cash, cash equivalents and securities. All insured non-brokered deposit accounts have been transferred to SunTrust and are available immediately. Depositors of First Priority automatically became depositors of SunTrust. The six branches of First Priority reopened on Monday, August 4, as branches of SunTrust. At the time of closing, there was approximately $13 million in uninsured deposits held in 840 accounts that potentially exceeded insurance limits. The FDIC declared a 50% advance dividend for uninsured deposits. SunTrust Bank The FDIC, also entered into a separate agreement with LNV Corporation, Plano, Texas, to purchase $14 million in First Priority's assets. LNV is a subsidiary of Beal Bank Nevada, Las Vegas, Nevada. The FDIC will retain the remaining assets for later disposition. The cost to the FDIC's Deposit Insurance Fund is estimated to be $72 million. For additional information and assistance contact the FDIC at: 800 837-0215 or go to: http://www.fdic.gov/bank/individual/failed/firstprioritybank.html |
| 2008 FDIC Insured Failed Banks | |
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First Priority
Bank 4702 Cortez Road West Bradenton, FL 34207 |
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| Established in 2003 | |
| Assets: $259 million | |
| Deposits: $227 million | |
| Cost to FDIC: $72 million | |
| Insured deposits: Principal and interest on insured accounts, through August 1, 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:
At the time of closing, there were approximately $13 million in uninsured
deposits held in approximately 840 accounts that potentially exceeded the
insurance limits.
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. Customers with accounts in excess of $100,000 should contact the FDIC toll
free at 1-800-837-0215 to set up an appointment to discuss their deposits.
The FDIC declared a 50% advance dividend for uninsured deposits. The FDIC will mail these payments directly to the customers the week of August 4; the amounts will not appear in their account balances at SunTrust Bank. |
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Forms: The Claim Agent may direct you to download and submit
a particular form that will assist in expediting the processing of your
claim.
List of Affidavits, Declarations, and Forms available for download |
| Services: The Automated Teller Machines (ATM) will remain available. As of August 4, 2008 you may continue to use the services to which you previously had access, such as, online service, safe deposit boxes, night deposit boxes, wire services, etc. |
| Checks: Checks that were drawn on First Priority Bank will be honored up to your available balance or the insured amount. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with SunTrust Bank. All outstanding checks will be paid against your available insured balance as if no change had occurred. SunTrust 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, please contact SunTrust Bank, Customer Service Department, at 941-750-6400. |
| Automatic Direct Deposits: Your automatic direct deposits and/or automatic withdrawals will be transferred automatically to SunTrust Bank. If you have any questions or special requests, you may contact a representative of your assuming institution at 941-750-6400. |
| Interest: All interest accrued through Friday, will be paid at your same rate. SunTrust Bank will be reviewing rates and will provide further information soon. You will be notified of any changes. |
| Automatic Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to SunTrust Bank. If you have any questions or special requests, you may contact a representative of your assuming institution at 941-750-6400. |
| Loans: If you had a loan with First Priority Bank, 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 any questions or special requests, you may contact a representative of your assuming institution at 941-750-6400. |
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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, Stockholders. If you
provided a service for First Priority Bank, and have not received a notice
from the FDIC, 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 in 2003 2008 Merged with government financial assistance and subsequently operated as part of SunTrust Bank. |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
