Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Century Bank, a Federal Savings Bank - Sarasota, FL

Century Bank, F.S.B. - Unclaimed bank account search

Century Bank, F.S.B. missing money search



lost money search -Century Bank, F.S.B.

November 13, 2009: Century Bank F.S.B. Sarasota, FL, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million.

Successor Bank: the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB. All deposit accounts, excluding certain brokered deposits, have been transferred to IBERIABANK and are available immediately. The eleven former Century Bank, F.S.B. locations reopened as branches of IBERIABANK.

IBERIABANK
200 West Congress Street
Lafayette, LA 70501
(800) 968-0801
http://www.iberiabank.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at IBERIABANK for six months after the failure of Century Bank, F.S.B.

Interest: All interest accrued through Friday, November 13, 2009, will be paid at your same rate; however IBERIABANK 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 Century Bank, F.S.B.  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 $344 million. The FDIC and IBERIABANK entered into a loss-share transaction on approximately $656 million of Century Bank, FSB's assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The FDIC accepted a 1.5 percent discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

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
 
 
 
 
Century Bank
Federal Savings Bank

1680 Fruitville Road
Sarasota, FL 34236
 

Established on 1/23/1985
as
Century Federal
Savings And Loan Association

 

Assets: $ 728 million
Deposits: $ 631 million
 
 
Cost to FDIC: $ 344 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.

01/23/1985 - Century Federal Savings And Loan Association
05/31/1986 - Changed name to Century Federal Savings Bank
02/13/1991 - Changed name to Century Bank, A Federal Savings 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: Missing or Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Century Bank, F.S.B. receivership contact the FDIC at: 1-800-613-0378; or go to: http://www.fdic.gov/bank/individual/failed/centuryfsb.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 Century Bank, F.S.B.and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Century Bank, F.S.B.
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



SITEMAP TERMS OF USE FAILED BANK REPORTER
HOME
FAQ CONTACT US
 
2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES