FDIC Failed Bank List: Claim Insured Deposits, CDs and IRAs at Failed Banks

Community National Bank of Sarasota County - Venice, FL

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August 7, 2009: Community National Bank of Sarasota County, Venice, FL was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million.

The FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of Community National Bank of Sarasota County.

All deposit accounts have been transferred to Stearns Bank and are available immediately. On Saturday, August 8, 2009, the four former Community National Bank of Sarasota County locations reopened as branches of Stearns Bank, N.A.

Transferred deposits will be separately insured from any accounts you may already have at Stearns Bank, N.A. for six months after the failure of Community National Bank of Sarasota County. All interest accrued through Friday, August 7, 2009, will be paid at your same rate; however Stearns will be reviewing rates.

Stearns Bank National Association
4191 Second Street South
Saint Cloud, MN 56303
877-899-2265
http://www.stearns-bank.com

The FDIC and Stearns Bank entered into a loss-share transaction on approximately $79 million of Community National Bank of Sarasota County's assets. Stearns. will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community National. In addition to assuming all of the deposits of the failed bank, Stearns agreed to purchase $94 million of the failed banks assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million.

For additional information and assistance contact the FDIC at: 1-800-913-3053; or go to: http://www.fdic.gov/bank/individual/failed/community-venice.html

2009 FDIC Insured Failed Banks
 
 
 
 
Community National Bank of Sarasota County
201 Center Road
Venice, FL 34285
http://www.cnbsara.com
 

Established on 2/16/1988 as
Community National Bank
Of Sarasota County
 

Assets: $97 million
Deposits: $93 million
 
 
Cost to FDIC: $24 million

 

 
 

History: Established on 2/16/1988 as Community National Bank Of Sarasota County

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 Funds 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 Community National Bank of Sarasota County and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Community National Bank of Sarasota County
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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