2013 FDIC Insured Failed Banks
15, 2013: Covenant 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.
Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Liberty Bank and Trust Company, New Orleans, LA
Liberty Bank and Trust
History: Est. in 1977 as Community Bank of Lawndale
► Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor 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. 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. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.
► 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, certificate of deposit (CD) or safe deposit box go to: Unclaimed Account Search
1111 South Homan Avenue
Chicago, IL 60624
Community Bank of Lawndale
|Cost to FDIC: $22 million|