Friday, May 1, 2009:
America West Bank, Layton, UT was closed by the Utah Department of
Financial Institutions. The Federal Deposit Insurance Corporation (FDIC)
was named Receiver.
As of December 31, 2008, America West Bank had total assets of approximately $299.4 million and total deposits of $284.1 million.
The FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume all of the deposits of America West. All deposits have been transferred to Cache Valley Bank, Logan, UT and are available immediately. On Monday, May 4, 2009, the three former America West Bank locations reopened as branches of Cache Valley Bank.
Transferred deposits will be separately insured from any accounts you may already have at Cache Valley Bank for six months after the failure of America West Bank.
All interest accrued through Friday, May 1, 2009, will be paid at your same rate; however Cache Valley Bank will be reviewing rates.
Cache Valley Bank
Cache Valley Bank paid a discount of $352,000 to acquire all of the deposits of the failed bank. In addition to acquiring the failed bank's deposits, Cache Valley Bank agreed to purchase $10.9 million in assets, with a 30-day option to purchase loans at book value. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $119.4 million.
For additional information and assistance contact the FDIC at: 800-523-8209; or go to: http://www.fdic.gov/bank/individual/failed/americawest.html
|2009 FDIC Insured Failed Banks|
476 West Heritage Park Boulevard
Layton, UT 84041
|Assets: $299 million|
|Deposits: $284 million|
|Cost to FDIC: $119 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
America West Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
he America West Bank had no publicly owned stock. Equity shareholders were investors in the holding company, America West Bank Members, LC and not in the bank. Contact the holding company: America West Bank Members LC, 476 Heritage Park Blvd, Layton, UT 84041-5713.
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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 as America West Bank|