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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Silver State Bank |
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Failed Bank Report:
Claim
FDIC Insured
Deposits
at Failed Banks Silver State Bank |
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September 5, 2008:
Silver State Bank, Henderson, NV was
closed by the Nevada Financial Institutions Division and the Federal
Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2008, Silver State Bank had assets of $2.0 billion and total deposits of $1.7 billion. All insured, non-brokered deposit accounts have been transferred to Nevada State Bank, Las Vegas, NV and are immediately available. Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3 percent. Nevada State entered into a separate agreement to sell the Arizona branches of Silver State Bank to its affiliate, National Bank of Arizona. Former Silver State Bank locations reopened as branches of Nevada State Bank in Nevada, and as branches of National Bank of Arizona in Arizona. Nevada State Bank
National Bank of Arizona At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. Silver State Bank also had approximately $700 million in brokered deposits that are not part of the purchase transaction. The FDIC will pay the brokers directly for the amount of their insured funds. In addition to assuming insured deposits, Nevada State Bank purchased a small amount of assets, comprised of cash and securities. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund is between $450 and $550 million. For additional information and assistance contact the FDIC at: 1-800-523-8177 or go to http://www.fdic.gov/bank/individual/failed/silverstate.html |
| 2008 FDIC Insured Failed Banks | |
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Silver State
Bank 400 North Green Valley Parkway Henderson, NV 89014 http://www.silverstatebank.com |
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| Established in 1996 | |
| Assets: $2 billion | |
| Deposits: $1.7 Billion | |
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Cost to FDIC: $450 - 550 million |
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| Insured deposits: Principal and interest on insured accounts, through September 5, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000 per qualified account. 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:
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. At the time of closing, there were
approximately $20 million in uninsured deposits held in approximately 500
accounts that potentially exceeded the insurance limits. If you think
you might have uninsured deposits you should call the FDIC to arrange for
a telephone interview with a Claims Agent at 800-523-8177. At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Silver State Bank - you may eventually recover some of your uninsured funds. Contact: FDIC as Receiver for Silver State Bank |
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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. |
| Services: As of September 8, 2008 you may continue to use the services to which you previously had access, such as Automated Teller Machines, online services, 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 September 5, 2008, will be paid at your same rate. Nevada State Bank and National Bank of Arizona 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 either The Citizens Savings Bank or Pioneer Community Bank, Inc., 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 Silver State, you should continue to make your payments as usual. The terms of your loan will not change. Checks should be made payable as usual and sent to the same address until you notice. |
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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. 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 and Stockholders. Note: there are time limits for filing a claim, as specified in the notice. If you provided a service for Silver State 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 1996. 2008 Acquired Choice Bank 2008 Merged with government financial assistance and subsequently operated as part of Nevada State Bank in Las Vegas, Nevada. |
| © 2008 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES |
