Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

BANKFIRST - Sioux Falls, SD

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Friday, July 17, 2009: BankFirst, Sioux Falls, SD was closed by the South Dakota Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of April 30, 2009, BankFirst had total assets of $275 million and total deposits of approximately $254 million.

The FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of BankFirst. Alerus entered into a separate agreement to operate BankFirst's Sioux Falls location as a branch of First Dakota National Bank.

Depositors of BankFirst will automatically become depositors of Alerus Financial, N.A. or First Dakota National Bank, depending on the branch of their deposit.

Transferred deposits will be separately insured from any accounts you may already have at your new bank for six months after the failure of BankFirst. All interest accrued through Friday, July 17, 2009, will be paid at your same rate; however First Dakota National Bank and Alerus Financial will be reviewing rates.

Alerus Financial, National Association
401 Demers Avenue
Grand Forks, ND 58201

First Dakota National Bank
225 Cedar Street
Yankton, SD 57078

In addition to assuming all of the deposits of the failed bank, Alerus Financial, N.A. will acquire $72 million in assets, comprised of cash, securities and loans secured by deposits. The FDIC entered into a separate agreement with Beal Bank Nevada, Las Vegas, Nevada, to acquire $177 million of the failed bank's loans. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91 million.

For additional information and assistance contact the FDIC at: 1-800-523-8209; or go to:

2009 FDIC Insured Failed Banks
6100 South Old Village Place
Sioux Falls, SD 57108

Established on 12/7/1995 as
Bankfirst, National Association

Assets: $275 million
Deposits: $254 million
Cost to FDIC: $91 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 BankFirst and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: BankFirst
1601 Bryan Street
Dallas, Texas  75201
Attention: Claim Agent

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 12/7/1995 as Bankfirst, National Association
03/31/1997 - Changed name to Bankfirst
06/14/1999 Acquired Minnesota Bankfirst