Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

First Coweta Bank - Newnan, GA

First Coweta Bank - Unclaimed funds

First Coweta Bank missing assets



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August 21, 2009: First Coweta Bank, Newnan, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation was named Receiver.

As of July 31, 2009, First Coweta had total assets of $167 million and total deposits of approximately $155 million.

The FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Coweta, excluding $11 million in brokered deposits.

All non-brokered deposit accounts have been transferred to United Bank and are available immediately. On Saturday, August 22, 2009, the four former First Coweta Bank locations will reopen as branches of United Bank.

The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

Transferred deposits will be separately insured from any accounts you may already have at United Bank, Zebulon, GA for six months after the failure of First Coweta Bank.

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

United Bank
400 Griffin Street
Zebulon, GA 30295
(770) 567-7211
http://www.accessunited.com/ 

The FDIC and United Bank entered into a loss-share transaction on approximately $124 million of First Coweta's assets. United Bank will pay the FDIC a premium of 1.01 percent to assume all of the deposits of First Coweta. In addition to assuming all of the deposits of the failed bank, United Bank agreed to purchase $155 million of the failed bank's 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 $48 million.

For additional information and assistance contact the FDIC at: 1-800-405-8028; or go to: http://www.fdic.gov/bank/individual/failed/coweta.html

2009 FDIC Insured Failed Banks
 
 
 
 
First Coweta Bank
61 Bullsboro Drive
Newnan, GA 30263
http://www.firstcowetabank.com
 

Established on 7/12/2004 as
First Coweta Bank
 

Assets: $167 million
Deposits: $155 million
 
 
Cost to FDIC: $48 million

 

 
 

History: Established on 7/12/2004 as First Coweta Bank

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 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 First Coweta Bank and have not received a notice, please contact:

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



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