Bank Failures: Claim Deposits Insured by the FDIC at Failed Banks

First Piedmont Bank - Winder, GA

First Piedmont Bank - Unclaimed money search

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missing  bank account search - First Piedmont Bank

July 17, 2009: First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of July 6, 2009, First Piedmont Bank had total assets of $115 million and total deposits of approximately $109 million.

The FDIC entered into a purchase and assumption agreement with First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of First Piedmont Bank.

All deposit accounts have been transferred to First American Bank and Trust Company and are available immediately. On Monday, July 20, 2009, both former First Piedmont Bank locations reopened as branches of First American Bank and Trust Company.

Transferred deposits will be separately insured from any accounts you may already have at First American Bank and Trust Company for six months after the failure of First Piedmont Bank. All interest accrued through Friday, July 17, 2009, will be paid at your same rate; however First American Bank and Trust Company will be reviewing rates.

First American Bank and Trust Company
300 College Avenue
Athens, GA 30601
(706) 354-5000
http://www.fabathens.com

First American Bank and Trust Company paid a deposit premium of 1.01 percent. In addition to assuming all of the deposits of the failed bank, First American Bank and Trust Company agreed to purchase approximately $111 million of assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and First American Bank and Trust Company entered into a loss-share transaction on approximately $90 million of First Piedmont Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29 million.

For additional information and assistance contact the FDIC at: 877-367-2717; or go to: http://www.fdic.gov/bank/individual/failed/piedmont.html

2009 FDIC Insured Failed Banks
 
 
 
 
First Piedmont Bank
65 East May Street
Winder, GA 30680
http://www.firstpiedmontbank.com
 

Established on 4/15/1998 as
First Piedmont Bank
 

Assets: $115 million
Deposits: $109 million
 
 
Cost to FDIC: $29 million

 

 
 

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 Piedmont Bank and have not received a notice, please contact:

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


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

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. Additionally, 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 go to: Unclaimed Account Search


History: Established on 4/15/1998 as First Piedmont Bank

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