Banks in FDIC Receivership: Claim Insured Accounts at Closed Banks

First BankAmericano - Elizabeth, NJ

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lost bank account search - First BankAmericano

July 31, 2009: First BankAmericano, Elizabeth, NJ was closed by the New Jersey Department of Banking and Insurance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million.

The FDIC entered into a purchase and assumption agreement with Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano.

All deposit accounts have been transferred to Crown Bank  and are available immediately. On Saturday, August 1, 2009, the six former First BankAmericano locations reopened on August 1st as branches of Crown Bank.  

Transferred deposits will be separately insured from any accounts you may already have at Crown Bank for six months after the failure of First BankAmericano. All interest accrued through Friday, July 31, 2009, will be paid at your same rate; however Crown Bank will be reviewing rates.

Crown Bank
801 Asbury Avenue
Ocean City, NJ 08226
732-262-3900
http://www.crownbank.net

In addition to assuming all of the deposits of the failed bank, Crown Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million.

For additional information and assistance contact the FDIC at: 1-866-954-9532; or go to: http://www.fdic.gov/bank/individual/failed/americano.html

2009 FDIC Insured Failed Banks
 
 
 
 
First BankAmericano
339 North Broad Street
Elizabeth, NJ 07208
http://www.firstbankamericano.com
 

Established on 1/15/1997 as
First BankAmericano

 

Assets: $166 million
Deposits: $157 million
 
 
Cost to FDIC: $15 million

 

 
 

History: Established on 1/15/1997 as First BankAmericano

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: Missing Account 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 First BankAmericano and have not received a notice, please contact:

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



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