FDIC Failed Bank: Sanderson State Bank - Claim Your Insured Savings Account, CD or Safe Deposit Box

	December 12, 2008: Sanderson State Bank, Sanderson, TX was closed by the Texas Department of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of December 3, 2008, Sanderson State Bank had assets of $37 million and total deposits of $27.9 million. The FDIC entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all of Sanderson State Bank's deposits, including those that exceeded the deposit insurance limit. All deposit accounts have been transferred to The Pecos County State Bank, Ft. Stockton, TX, and are available immediately. On Monday, December 15, the single former Sanderson State Bank location reopened as a branch of The Pecos County State Bank. The Pecos County State Bank agreed to assume all of the deposits for a .55 percent premium. In addition to assuming all of the failed bank's deposits, Pecos County State Bank will purchase approximately $3.8 million of assets, and have the option to purchase owned premises and equipment. The FDIC will retain the remaining assets for later disposition. All depositors of the failed bank automatically became depositors of The Pecos County State Bank. Deposits will continue to be insured by the FDIC. Customers of the failed bank should continue to use the same banking location until they receive further information from The Pecos County State Bank. The Pecos County State Bank 500 North Main Street Fort Stockton, TX 79735 www.pcsbank.net The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.5 million. For additional information and assistance contact the FDIC at: 1-866-782-1766 or go to: http://www.fdic.gov/bank/individual/failed/sanderson.html
2008 FDIC Insured Failed Banks




Sanderson State Bank 216 West Oak Street Sanderson, TX 79848 http://www.sandersonbank.com
Established on 7/1/1907 as Sanderson State Bank
Assets: $37 million
Deposits: $28 million


Cost to FDIC: $12.5 million

Insured deposits: All deposit accounts have been transferred to The Pecos County State Bank, Ft. Stockton, TX, and are available immediately.

Services: Automated Teller Machines (ATM) and online services remain available at the time of closing. As of Monday, December 15, 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 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.

Interest: All interest accrued through Friday, December 12, 2008, will be paid at your same rate. Pecos County State Bank will be reviewing rates and will provide further information soon. You will be notified of any changes.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with The Pecos County State 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 Sanderson State 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 payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, you may call 1-866-782-1766.

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 Sanderson State Bank, and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Sanderson State Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
1-800-568-9161

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: Established in 1907 as Sanderson State Bank