Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

American Sterling Bank, Sugar Creek, MO

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Friday, April 17, 2009: American Sterling Bank, Sugar Creek, MO was closed by The Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of March 20, 2009, American Sterling Bank had total assets of approximately $181 million and total deposits of $171.9 million.

The FDIC entered into a purchase and assumption agreement with Metcalf Bank, Lee's Summit, Missouri, to assume all of the deposits of American Sterling Bank.

All deposit accounts have been transferred to Metcalf Bank, and are available immediately. All former Missouri, California and Arizona offices of American Sterling reopened as branches of Metcalf.

Transferred deposits will be separately insured from any accounts you may already have at Metcalf Bank for six months after the failure of American Sterling.

All interest accrued through Friday, April 17, 2009, will be paid at your same rate; however Metcalf Bank will be reviewing rates.

METCALF BANK
609 North 291 Highway
Lees Summit, MO 64063
(816) 525-5300
http://www.metcalfbank.com

In addition to assuming the failed bank's deposits, Metcalf also agreed to purchase approximately $173.6 million in assets. The FDIC will retain the remaining assets for later disposition. The FDIC and Metcalf Bank entered into a loss-share transaction on approximately $100 million of American Sterling's assets. Metcalf Bank will share with the FDIC in the losses on the assets covered under the agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $42 million.

For additional information and assistance contact the FDIC at: 866-954-9528; or go to: http://www.fdic.gov/bank/individual/failed/amsterling.html

2009 FDIC Insured Failed Banks
 
 
 
 
American Sterling Bank
535 South Sterling
Sugar Creek, MO 64054
http://www.americansterling.com
 

Established on 1/1/1934 as
Sugar Creek National Bank
 

Assets: $181 million
Deposits: $172 million
 
 
Cost to FDIC: $42 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  American Sterling Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: American Sterling Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
Attention: Claim Agent
800-568-9161

There was no publicly owned stock in American Sterling Bank. If you are an equity shareholder, your shares are in American Sterling Corporation, Foothills Ranch, California, the holding company. American Sterling Corporation and the interests of equity, debt holders or other creditors of American Sterling Corporation are not included in the closure or receivership of the institution. Contact: American Sterling Corporation,
27422 Portola Parkway, Foothill Ranch, California 92610.


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 1/1/1934 as Sugar Creek National Bank
10/19/1983 - Changed name to Sterling National Bank
12/01/1998 - Changed name to American Sterling Bank


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