Advanta Bank Corp - Draper, UT

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Lost bank account, lost safe deposit box and missing CD search - Advanta Bank

2009 FDIC Insured Failed Banks

March 19, 2010: Advanta Bank Corp., Draper, UT was closed by the Utah Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver. As of December 31, 2009, Advanta Bank Corp. had approximately $1.6 billion in total assets and $1.5 billion in total deposits.

Successor Bank: An acquiring institution could not be located.Tthe FDIC fulfilled its obligation to insured depositors by mailing checks for their insured amounts. Principal and interest on insured accounts, through March 19, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000. All deposit accounts that exceed the $250,000 insurance limit and/or all deposit accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.

History:

12/16/1991 - Established as Colonial National Financial Corp.
01/01/1995 - Changed name to Advanta Financial Corporation
07/01/1998 - Changed name to Advanta Bank Corp

Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor 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. 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. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.

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, certificate of deposit (CD) or safe deposit box go to: Unclaimed Account Search

Advanta Bank Corp.
11850 South Election Drive
Draper, UT 84020
Established as
Colonial National Financial
Cost to FDIC: $636 million


 

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