Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Bradford Bank - Baltimore, MD

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lost bank account search - Bradford Bank

August 28, 2009: Bradford Bank, Baltimore, MD was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation was named Receiver.

As of June 30, 2009, Bradford Bank had total assets of $452 million and total deposits of approximately $383 million.

The FDIC entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company (M&T), Buffalo, New York, to assume all of the deposits of Bradford Bank.

All deposit accounts have been transferred to Manufacturers and Traders Trust Company and are be available immediately. On Saturday, August 29, 2009, the nine former Bradford Bank locations reopened as branches of M&T Bank.

Transferred deposits will be separately insured from any accounts you may already have at M&T Bank for six months after the failure of Bradford Bank. Checks that were drawn on Bradford Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank.

All interest accrued through Friday, August 28, 2009, will be paid at your same rate; however  M&T Bank will be reviewing rates.

Manufacturers and Traders Trust Company
One M And T Plaza
Buffalo, NY 14203
(800) 724-2440

In addition to assuming all of the deposits of the failed bank, M&T agreed to purchase essentially all of the failed bank's assets. The FDIC and M&T entered into a loss-share transaction on approximately $338 million of Bradford Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million.

For additional information and assistance contact the FDIC at: 1-800-640-2693; or go to:

2009 FDIC Insured Failed Banks
Bradford Bank
6900 York Road
Baltimore, MD 21212

Established on 1/1/1903 as
Bradford Federal Savings And Loan

Assets: $ 452 million
Deposits: $ 383 million
Cost to FDIC: $97 million



History: Established on 1/1/1903 as Bradford Federal Savings And Loan
05/31/1988 - Changed name to Bradford Federal Savings Bank
06/19/2002 - Changed name to Bradford Bank
02/26/2003 - Acquired Wyman Park Federal Savings And Loan Association - Lutherville, Maryland
01/20/2007 - Acquired Valley Bank Of Maryland - Hunt Valley, Maryland
06/21/2007 - Acquired Golden Prague Federal Savings And Loan Association - Baltimore, Maryland
06/21/2007 - Acquired Senator Bank - Cockeysville, Maryland

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

Depositors must claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, or the successor institution must return the funds to the FDIC. Thereafter all rights of the depositor against the transferee institution are barred.

The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of  delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred.

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. Further, 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 tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Account Search

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 Bradford Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Bradford Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent