Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Greater Atlantic Bank - Reston, VA

Greater Atlantic Bank Unclaimed bank account search

Greater Atlantic Bank missing bank account search

lost bank account search Greater Atlantic Bank

December 4, 2009: Greater Atlantic Bank, Reston, VA, was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation was named receiver. The FDIC subsequently entered into a purchase and assumption agreement with Sonabank, McLean, Virginia, to assume all of the deposits of Greater Atlantic Bank.

Assets & Deposits: As of October 20, 2009, Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million.

Successor Bank: All deposit accounts have been transferred to Sonabank, McLean, VA and are available immediately. On December 5, 2009, the five former Greater Atlantic Bank locations will reopen as branches of Sonabank.

SONABANK
6830 Old Dominion Drive
Mclean, VA 22101
800-810-7238
http://www.sonabank.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Sonabank for six months after the failure of Greater Atlantic Bank.

Interest: All interest accrued through Friday, December 4, 2009, will be paid at your same rate; however Sonabank 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 Greater Atlantic 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 $35 million. Sonabank did not pay the FDIC a premium for the deposits of Greater Atlantic Bank. In addition to assuming all of the deposits of the Greater Atlantic Bank, Sonabank agreed to purchase essentially all of the assets. The FDIC and Sonabank entered into a loss-share transaction on approximately $145.0 million of Greater Atlantic 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
 
 
 
 
Greater Atlantic Bank
10700 Parkridge Boulevard, Suite P50
Reston, VA 20191
 
 

Established on 5/27/1887 
as
Greater Baltimore Savings And Loan Association
 

Assets: $203 million
Deposits: $179 million
 
 
Cost to FDIC: $35 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.

05/27/1887 - Established as Greater Baltimore Savings And Loan Association
05/31/1989 - Changed name to Greater Atlantic Savings Bank, F.S.B.
04/20/1998 - Changed name to Greater Atlantic Bank
08/24/2000 - Acquired Dominion Savings Bank, F.S.B. - Front Royal, Virginia.


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: Missing or Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Greater Atlantic Bank receivership contact the FDIC at: 1-800-830-6698; or go to: http://www.fdic.gov/bank/individual/failed/atlantic-va.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 Greater Atlantic Bank and have not received a notice, please contact:

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


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