FDIC Insured Failed Banks: Franklin Bank SSB - Claim Your Savings Account, CD or Safe Deposit Box

	November 7, 2008: Franklin Bank, SSB, Houston, TX was closed by the Texas Department of Savings and Mortgage Lending. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of September 30, 2008, Franklin Bank had assets of $5.1 billion and total deposits of $3.7 billion. The FDIC entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank. All deposit accounts have been transferred to Prosperity Bank, and are available immediately. Starting on Saturday, November 8, 2008, all forty-six former Franklin Bank, SSB locations reopened as branches of Prosperity Bank. Prosperity Bank 1301 North Mechanic Street El Campo, TX 77437 (979) 578-8181 http://www.prosperitybanktx.com Transferred deposits will be separately insured from any accounts you may already have at Prosperity Bank for six months after the failure of Franklin Bank, SSB. Prosperity Bank agreed to assume all the deposits, including the brokered deposits, for a premium of 1.7 percent. In addition to assuming all of the failed bank's deposits, Prosperity Bank will purchase approximately $850 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost of today's transaction to its Deposit Insurance Fund will be between $1.4 billion and $1.6 billion. For additional information and assistance contact the FDIC at: 800-591-2845 or go to: http://www.fdic.gov/bank/individual/failed/franklinbank.html
2008 FDIC Insured Failed Banks




Franklin Bank, S.S.B. 9800 Richmond Avenue, Suite 680 Houston, TX 77042 http://www.bankfranklin.com
Established on 1/8/1987 as Bowie State Bank
Assets: $5.1 billion
Deposits: $3.7 billion


Cost to FDIC: $1.4 - 1.6 billion

Deposits: Prosperity Bank assumed all deposits, including those that exceeded the insurance limit, of Franklin Bank.

Interest: All interest accrued through Friday, November 7, 2008, will be paid at your same rate. Prosperity Bank will be reviewing rates and will provide further information soon. You will be notified of any changes.

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.

Services: As of Saturday, November 8, 2008, you may continue to use the services to which you previously had access, such as ATMs, safe deposit boxes, night deposit boxes, wire services, etc.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with Prosperity 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 Franklin Bank, SSB, 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 800-373-7840.

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 Franklin Bank, SSB, and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Franklin Bank, SSB
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
(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: 1987 - Established as Bowie State Bank

1987 - Acquired Bowie National Bank
1998 - Changed to Stock Savings Bank
1998 - Changed name to Franklin Bank, SSB
2003 - Acquired Highland Lakes Bank

2003 - Acquired Jacksonville Savings Bank, SSB
2004 - Acquired Lost Pines National Bank

2004 - Acquired Cedar Creek Bank
2005 - Acquired The First National Bank Of Athens
2005 - Reorganized.
2005 - Acquired Elgin Bank Of Texas
2007 - Acquired The First National Bank Of Bryan