Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

1st American State Bank of Minnesota - Hancock, MN

1st American State Bank of Minnesota unclaimed bank account search

1st American State Bank of Minnesota closed



lost bank account search at 1st American State Bank of Minnesota

February 5, 2010: 1st American State Bank of Minnesota, Hancock, MN was closed by the Minnesota Department of Commerce.  The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of December 31, 2009, 1st American State Bank of Minnesota had approximately $18.2 million in total assets and $16.3 million in total deposits.

Successor Bank: All deposit accounts have been transferred to Community Development Bank, FSB, Ogema, MN. On February 8, 2010, the two former 1st American State Bank of Minnesota locations reopened as branches of Community Development Bank, FSB.

Community Development Bank, FSB
516 Main Street
Ogema, MN 56569
http://www.comdevbank.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Community Development Bank, FSB for six months after the failure of 1st American State Bank of Minnesota.

Interest: All interest accrued through Friday, February 5, 2010 will be paid at your same rate; however Community Development Bank, FSB will be reviewing rates.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with 1st American State Bank of Minnesota you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.1 million.

Community Development Bank, FSB did not pay the FDIC a premium to assume all of the deposits of 1st American State Bank of Minnesota. In addition to assuming all of the deposits, Community Development Bank, FSB agreed to purchase essentially all of the failed bank's assets. The FDIC and Community Development Bank, FSB entered into a loss-share transaction on $11.7 million of 1st American State Bank of Minnesota's assets.

Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.

2009 FDIC Insured Failed Banks
 
 
 
 
1st American State Bank
of
Minnesota

Main Street
Hancock, MN 56244
 

Established on1/1/1936
as
Hancock State Bank
 

Assets: $18 million
Deposits: $16 million
 
 
Cost to FDIC: $3 million

 

 
 

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

01/01/1936 - Established as Hancock State Bank
09/01/1994 - Changed name to 1st American State Bank Of Minnesota


Depositor Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Missing Money Search


Depositor Claims: For additional information and assistance on the 1st American State Bank of Minnesota receivership contact the FDIC at: 1-800-523-8159; or go to: http://www.fdic.gov/bank/individual/failed/1stamerican.html

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 1st American State Bank of Minnesota and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: 1st American State Bank of Minnesota
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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