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If The Bank Fails
The bank customer will usually find out
their bank failed when they get a letter stating that another bank has taken over the
accounts. FDIC does not give advance notice to the public when a financial
institution is closed. If all of the accounts are fully FDIC insured the bank
customer loses nothing and access to all money is usually immediate. If you have
uninsured deposits, life is more difficult.
When a bank fails and FDIC is appointed
as receiver, FDIC will sell the institution’s assets to pay depositors and creditors. If any excess
cash is generated – after the administrative expenses of the FDIC receiver are
taken care of – then the receiver may declare and distribute a dividend to
claimants. First in line to claim any money are the remaining uninsured
deposits, followed by institution liabilities, subordinated obligations, and
then obligations to shareholders.
When Do Uninsured Depositors Get Paid?
Uninsured depositors may get a special Advance
Dividend usually within 30 days after the bank closes. Every quarter
FDIC, as the receiver, will determine the net proceeds available from converting
failed bank assets and, if money’s available, pay out a Traditional
Dividend until all the money’s gone.
The following chart lists banks that have failed since 2001, the date they
closed and the total dividends paid by the updated date listed. All information
was obtained from the FDIC web site www.fdic.gov.
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Dead Banks
(Last web
site update 19 July 2008)
| Bank
Name |
Closing
Date |
Updated
Date |
Total
Dividends Paid |
| IndyMac
Bank, Pasadena, CA |
July
11, 2008 |
July 11, 2008 |
50% - Advance
|
| First
Integrity Bank, NA, Staples, MN |
May
30, 2008 |
May 30, 2008 |
0%
|
| ANB
Financial, NA, Bentonville, AR |
May
9, 2008 |
May 9, 2008 |
0%
|
| Hume
Bank, Hume, MO |
March
7, 2008 |
July 1, 2008 |
54.50%
|
| Douglass
National Bank, Kansas City, MO |
January
25, 2008 |
June 17, 2008 |
83.04%
|
| Miami
Valley Bank, Lakeview, OH |
October
4, 2007 |
July 1, 2008 |
35.78%
|
| NETBANK,
FSB Alpharetta, GA |
September
28, 2007 |
April 2, 2008 |
77.66%
|
| Metropolitan
Savings Bank |
February
2, 2007 |
October 23, 2007 |
42.20%
|
| Bank
of Ephraim, Ephraim, UT
|
June
25, 2004 |
October
23, 2007 |
93% - Final
|
| Reliance
Bank, White Plains, NY |
March
19, 2004 |
March
19, 2005 |
96.19% - Final
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| Guaranty
National Bank of Tallahassee, FL |
March
12, 2004 |
March
17, 2004 |
100% - Final
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| Dollar
Savings Bank, Newark, New Jersey |
February
14, 2004 |
June
29, 2004 |
100% - Final
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| Pulaski
Savings Bank, Philadelphia, PA |
November
14, 2003 |
July
22, 2005 |
92.97% - Final
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| The
First National Bank of Blanchardville, WI |
May
9, 2003 |
January
19, 2005 |
47.56%
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| Southern
Pacific Bank, Torrance, CA |
February
7, 2003 |
January
23, 2008 |
93.54%
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| The
Farmers Bank of Cheneyville, LA |
December
17, 2002 |
October
20, 2004 |
59.24%
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| The
Bank of Alamo, Alamo, TN |
November
8, 2002 |
March
18, 2005 |
78.44%
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| AmTrade
International Bank of Georgia, Atlanta, |
September
30, 2002 |
July
7, 2004 |
81.71%
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| Universal
Federal Savings Bank, Chicago, IL |
June
27, 2002 |
October
31, 2007 |
99.28%
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| Connecticut
Bank of Commerce, Stamford, CT |
June
26, 2002 |
October
17, 2006 |
77.95%
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| New
Century Bank, Shelby Township, MI |
March
28, 2002 |
February
11, 2003 |
74.46%
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| Net
1st National Bank, Boca Raton, FL |
March
1, 2002 |
February
1, 2007 |
100% - Final
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| NextBank,
N.A., Phoenix, AZ |
February
7, 2002 |
March
2, 2004 |
66.19%
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| Oakwood
Deposit Bank Company, Oakwood, OH |
February
1, 2002 |
November
20, 2007 |
42.43%
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| Bank
of Sierra Blanca, Sierra Blanca, TX |
January
18, 2002 |
April
1, 2004 |
65.35% - Final
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| Hamilton
Bank, N.A., Miami, FL |
January
11, 2002 |
November
6, 2007 |
88.44%
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| Sinclair
National Bank, Gravette, AR |
September
7, 2001 |
April
1, 2004 |
82.17% - Final
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| Superior
Bank, FSB, Hinsdale, IL |
July
27, 2001 |
January
25, 2005 |
63.30%
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| The
Malta National Bank, Malta, OH |
May
3, 2001 |
April
1, 2004 |
91.21% - Final
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| First
Alliance Bank & Trust Company, Manchester,NH |
February
2, 2001 |
February
18, 2003 |
94.99% - Final
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| The
National State Bank Of Metropolis, IL |
December
14, 2000 |
March
17, 2005 |
95.11% - Final
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| Bank
Of Honolulu |
October
13, 2000 |
March
`7, 2005 |
100% - Final
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Safe Money Places®