Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Charter Bank - Santa Fe, NM

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January 22, 2010: Charter Bank, Santa Fe, NM was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of September 30, 2009, Charter Bank had approximately $1.2 billion in total assets and $851.5 million in total deposits.

Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Charter Bank, Albuquerque, NM and are available immediately. Charter Bank, Albuquerque, NM is a newly-chartered federal savings bank and subsidiary of Beal Financial Corporation, Plano, TX. On Monday, January 25, 2010, the eight former Charter Bank locations reopened as branches of Charter Bank, Albuquerque, NM.

Charter Bank Albuquerque, NM
2130 Eubank Blvd NE
Albuquerque, NM 87112-2923
http://www.charterco.com

Interest: All interest accrued through Friday, January 22, 2010 will be paid at your same rate; however Charter Bank, Albuquerque, NM 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 Charter Bank you should continue to make your payments as usual. 

Cost to FDIC: e FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $201.9 million. Charter Bank did not pay the FDIC a premium for the deposits of Charter Bank. In addition to assuming all of the deposits of the failed bank, Charter Bank agreed to purchase essentially all of the assets. The FDIC and Charter Bank entered into a loss-share transaction on $805.5 million of Charter Bank's assets.

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
 
 
 
 
Charter Bank
809 Saint Michaels Drive
Santa Fe, NM 87505
 

Established on 9/11/1986 
as
Charter Bank For Savings FSB
 

Assets: $1.2 billion
Deposits: $852 million
 
 
Cost to FDIC: $202 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.

09/11/1986 - Established as Charter Bank For Savings Fsb
09/30/1986 - Acquired De Vargas Savings And Loan Bank - Santa Fe, New Mexico
09/01/1992 - Changed name to Charter Bank For Savings, Fsb
09/23/1998 - Changed name to Charter 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: Bank Account Claims


Depositor Claims: For additional information and assistance on the Charter Bank, Santa Fe, NM receivership contact the FDIC at: 1-800-323-6111; or go to: http://www.fdic.gov/bank/individual/failed/charter-nm.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 Charter Bank and have not received a notice, please contact:

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



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