Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Cape Fear Bank - Wilmington, NC

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lost bank account search - Cape Fear Bank

Friday, April 10, 2009: Cape Fear Bank, Wilmington, NC was closed by the North Carolina Office of Commissioner of Banks. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of March 31, 2009, Cape Fear Bank had total assets of $492 million and deposits of $403 million.

The FDIC entered into a purchase and assumption agreement with First Federal Savings and Loan Association of Charleston, Charleston, South Carolina, to assume all of the deposits of Cape Fear Bank.

All deposit accounts, excluding certain brokered deposits, have been transferred to First Federal and are available immediately. On Monday, April 13, 2009, the eight former Cape Fear Bank locations reopened as branches of First Federal Savings and Loan Association.

Transferred deposits will be separately insured from any accounts you may already have at First Federal Savings and Loan Association for six months after the failure of Cape Fear Bank. All interest accrued through Friday, April 10, 2009, will be paid at your same rate; however First Federal Savings and Loan will be reviewing rates.

First Federal Savings and Loan Association of Charleston
34 Broad Street
Charleston, SC 29401
888-529-2220
http://www.firstfederal.com

In addition to assuming all of the deposits of the failed bank, First Federal agreed to purchase approximately $468 million in assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and First Federal entered into a loss-share transaction on approximately $395 million of Cape Fear Bank's assets. First Federal will share with the FDIC in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $131 million.

For additional information and assistance contact the FDIC at: 866-806-6128; or go to: http://www.fdic.gov/bank/individual/failed/capefear.html

2009 FDIC Insured Failed Banks
 
 
 
 
Cape Fear Bank
11117 Military Cutoff Road
Wilmington, NC
www.capefearbank.com
 

Established on 6/22/1998 as
Bank Of Wilmington

 

Assets: $492 million
Deposits: $403 million
 
 
Cost to FDIC: $131 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  Cape Fear Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Cape Fear Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
800-568-9161

There was no publicly owned stock in Cape Fear Bank. If you are an equity shareholder, your shares are in Cape Fear Bank Corporation, Wilmington, NC, the holding company for Cape Fear Bank. The interests of equity, debt holders or other creditors of Cape Fear Bank Corporation, are not included in the closure or receivership of the institution; contact Cape Fear Bank Corporation directly for information.


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 6/22/1998 as Bank Of Wilmington
10/1/2006 - name changed to Cape Fear Bank


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