Strategic Capital Bank Closed by FDIC - Claim Your Insured Retirement or Savings Account, CD or Safe Deposit Box

	Friday, May 22, 2009: Strategic Capital Bank, Champaign, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of May 13, 2009, Strategic Capital Bank had total assets of $537 million and total deposits of approximately $471 million. The FDIC entered into a purchase and assumption agreement with Midland States Bank, Effingham, Illinois, to assume all of the deposits of Strategic Capital Bank. All deposit accounts have been transferred to Midland States and are available immediately. On Tuesday, May 26, 2009, the former Strategic Capital Bank locations reopened as branches of Midland States Bank. Transferred deposits will be separately insured from any accounts you may already have at Midland States Bank for six months after the failure of Strategic Capital. All interest accrued through Friday, May 22, 2009, will be paid at your same rate; however Midland States Bank will be reviewing rates. Midland States Bank 133 West Jefferson Street Effingham, IL 62401 (800) 952-1529 http://www.midlandstatesbank.com In addition to assuming all of the deposits of the failed bank, Midland States Bank agreed to purchase approximately $536 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC and Midland States Bank entered into a loss-share transaction on approximately $420 million of Strategic Capital Bank's assets. Midland States Bank will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $173 million. For additional information and assistance contact the FDIC at: 866-954-9527; or go to: http://www.fdic.gov/bank/individual/failed/strategiccapital.html
2009 FDIC Insured Failed Banks




Strategic Capital Bank 1608 Broadmoor Drive Champaign, IL 61821 http://www.strategiccap.com
Established on 11/1/1999 as Strategic Capital Bank
Assets: $537 million
Deposits: $471 million


Cost to FDIC: $173 million

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 Strategic Capital Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Strategic Capital Bank
1601 Bryan Street,
Dallas, TX 75201

Note: Your claim must be filed on or before 08/27/2009.

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 on 11/1/1999 as Strategic Capital Bank