January 15, 2010: Barnes Banking Company,
Kaysville, UT was closed by Utah Department of Financial Institutions. The
Federal Deposit Insurance Corporation was named receiver.
Assets & Deposits: As of September 30, 2009, Barnes Banking Company had $827.8 million in total assets and $786.5 million in total deposits.
Successor Bank: The FDIC has created the Deposit Insurance National Bank of Kaysville (DINB of Kaysville), Kaysville, UT to facilitate the resolution of Barnes Banking Company, which will operate until February 12, 2010.
All insured deposits, with the exception of brokered deposits, certificates of deposit and individual retirement accounts have been transferred to DINB of Kaysville and will be available immediately. Checks for insured CDs and insured IRAs will be sent to your mailing address on record with Barnes Banking Company starting Tuesday, January 19, 2010.
For depositors who have not closed or transferred their accounts on or before February 12, 2010, the FDIC will mail checks to the address of record for the amount of the insured funds.
National Bank of Kaysville, Utah
FDIC Insurance: All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-528-4893
Interest: Principal and interest on insured accounts, through Friday, January 15, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000.
Checks, Loans, Interest and Automated Transactions: Your checks will be processed as usual through February 12, 2010. Automatic direct deposits will continue until close of business February 12, 2010. If you had a loan with Barnes Banking Company you should continue to make your payments as usual.
Cost to FDIC: The cost to the FDIC's Deposit Insurance Fund is estimated to be $271.3 million
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|
33 South Main Street
Kaysville, UT 84037
|Assets: $828 million|
|Deposits: $727 million|
|Cost to FDIC: $ 271 million|
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
01/01/1891 - Established as Barnes Banking Company
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 Account Claims
Depositor Claims: For additional information and assistance on the Barnes Banking Company receivership contact the FDIC at: 1-800-528-4893; or go to: http://www.fdic.gov/bank/individual/failed/barnes.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 Barnes Banking Companyand have not received a notice, please contact:
Federal Deposit Insurance Corporation