Failed Bank List: Claim FDIC Insured Deposits at Failed Banks

Ebank - Atlanta, GA

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August 21, 2009: ebank, Atlanta, GA was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named Receiver.

As of July 10, 2009, ebank had total assets of $143 million and total deposits of approximately $130 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 ebank.

All deposit accounts have been transferred to Stearns Bank and are available immediately. On Monday, August 24, 2009, the former ebank location will reopen as a branch 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 ebank.

All interest accrued through Friday, August 21, 2009, will be paid at your same rate; however Stearns Bank will be reviewing rates.

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

In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase essentially all of the failed bank's assets. The FDIC and Stearns Bank, N.A. entered into a loss-share transaction on approximately $111 million of ebank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $63 million

For additional information and assistance contact the FDIC at: 1-866-934-8944; or go to: http://www.fdic.gov/bank/individual/failed/ebank.html

2009 FDIC Insured Failed Banks
 
 
 
 
Ebank
2410 Paces Ferry Road, Suite 190
Atlanta, GA 30339
http://www.ebank.com
 

Established on /17/1998 as
Commerce Bank
 

Assets: $130 million
Deposits: $143 million
 
 
Cost to FDIC: $ 63 million

 

 
 

History: Established on on /17/1998 as Commerce Bank
10/15/1999 - Changed name to Ebank

Consumer 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: Unclaimed Money 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 ebank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: ebank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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