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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Hume Bank - Hume, MO |
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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Hume Bank - Hume, MO |
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March 7, 2008:
Hume Bank, Hume, MO was closed
by the Missouri Division of Finance. The Federal Deposit Insurance
Corporation (FDIC) was named Receiver. As of December 31, 2007, Hume Bank had assets of $18.7 million and total deposits of $13.6 million. Security Bank agreed to assume $12.5 million of the failed bank's insured deposits for a premium of 4.26 percent. In addition to assuming the insured deposits of the failed bank, Security Bank will purchase approximately $2.7 million of Hume Bank's assets. The FDIC will retain the remaining assets for later disposition. The failed bank's sole office reopen Monday, March 10, as a branch of Security Bank. Depositors of Hume Bank automatically became depositors of the assuming bank. Transferred deposits will be separately insured from any accounts you may already have at Security Bank for six months after the failure. Security Bank 606 East Walnut Rich Hill, MO 64779 (417) 395-2141 At the time of closing, Hume Bank had approximately $1.1 million in 33 deposit accounts that exceeded the federal deposit insurance limit. At this time, the FDIC does not have an estimate for the cost of this transaction to its Deposit Insurance Fund. For additional information and assistance contact the FDIC -866-806-6128 or go to: http://www.fdic.gov/bank/individual/failed/Hume.html |
| 2008 FDIC Insured Failed Banks | |
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Hume Bank Main Street Hume, MO 64752 |
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Established in 1909 as Hume Banking Company |
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Assets: $18.7 million Deposits: $13.6 million |
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| Cost to FDIC: ? | |
| Insured Deposits: Principal and interest on insured accounts, through March 7, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. Certain entitlements and different types of accounts may 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.. |
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Uninsured Deposits:
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. If it appears that you have potentially
uninsured funds, an FDIC Claim Agent will contact you, by either telephone
or mail, regarding your accounts. You may call 1-866-806-6128 to arrange
for a telephone interview with a Claim Agent.
At the time of closing, Hume Bank had approximately $1.1 million in 33 deposit accounts that exceeded the federal deposit insurance limit. These customers have immediate access to their insured deposits, but will become creditors of the receivership for the amount of their uninsured funds. If it is determined that you have uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the assets of Hume Bank - you may eventually recover some of your uninsured funds. |
| Checks: Checks that were drawn on Hume Bank that did not clear before the institution closed will be honored up to the insurance limit. Your checks will be processed as usual. All outstanding checks will be paid against your available insured balances as if no change had occurred. Security 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 Security Bank, Customer Service Department, at 1-660-643-7612. |
| Interest: After March 7, 2008, your account will earn interest at a rate determined by Security Bank. You will be notified by letter regarding this matter. |
| Automatic Deposits: Automatic direct deposits and/or automatic withdrawals should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your accounts and to insure that service is not delayed or discontinued. |
| Services: You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc. |
| Withdrawals: You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Security Bank by either making a deposit to or a withdrawal from your account, provided the deposits are not pledged as collateral for loans. |
| Forms: The FDIC Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim. |
| Loans: If you had a loan with Hume 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 in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice. |
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Creditor Claims:
If you provided a service for Hume Bank and have not received a notice,
please 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 1909 as Hume Banking Company
1973 Changed name to Hume Bank 2008 Merged with government financial assistance and subsequently operated as part of Security Bank in Rich Hill, Missouri. |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
