Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Broadway Bank - Chicago, IL

Illinois Find unclaimed money or a lost bank account

IL Find missing money or a lost bank account

Unclaimed  bank account search - Broadway Bank Illinois

April 23, 2010: Broadway Bank, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking.  The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: Broadway Bank had approximately $1.2 billion in total assets and $1.1 billion in total deposits.

Successor Bank: All deposit accounts. excluding certain brokered deposits, have been transferred to MB Financial Bank, National Association of Chicago, IL

MB Financial Bank, National Association
800 West Madison Street
Chicago, IL 60607
http://www.mbfinancial.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at MB Financial Bank, N.A. for six months after the failure of Broadway Bank.

Interest: All interest accrued through Friday, April 23, 2010 will be paid at your same rate.  MB Financial Bank, N.A. will be reviewing rates.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Broadway Bank you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $394.3 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.

2010 FDIC Insured Failed Banks
 
 
 
 
Broadway Bank
5960 North Broadway
Chicago, IL 60660
 

Established on 5/7/1979
as
Broadway Bank
 

Assets: $1.2 billion
Deposits: $1.1 billion
 
 
Cost to FDIC: $394 million

 

 
 

History: 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.

Established on 5/7/1979 as Broadway Bank


Depositor Alert

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: Unclaimed Funds Search


Depositor Claims: For additional information and assistance on the Broadway Bank receivership contact the FDIC at: 1-800-887-7340; or go to: http://www.fdic.gov/bank/individual/failed/broadway.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 Broadway Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Broadway Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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