FDIC Failed Bank List: Claim Insured Accounts at Banks in Receivership

First State Bank of Altus - Altus, OK

Oklahoma Unclaimed Property and Missing Money

Oklahoma Unclaimed Funds

Oklahoma lost money - First State Bank

July 31, 2009: First State Bank of Altus, Altus, OK was closed by the Oklahoma State Banking Department.

As of June 19, 2009, First State Bank of Altus had total assets of $103.4 million and deposits of approximately $98.2 million.

The FDIC entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of First State Bank of Altus.

All deposit accounts have been transferred to Herring Bank and are available immediately.  On Saturday, August 1, 2009, the former First State Bank of Altus location reopened as a branch of Herring Bank.

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

Herring Bank
2201 Civic Circle
Amarillo, TX 79101
(866) 335-4318

In addition assuming all of the deposits of the failed bank, Herring Bank will purchase approximately $64.4 million in 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 $25.2 million.

For additional information and assistance contact the FDIC at: 1-866-674-8944; or go to: http://www.fdic.gov/bank/individual/failed/fsb-altus.html

2009 FDIC Insured Failed Banks
First State Bank of Altus
721 North Main Street
Altus, OK 73521

Established on 1/1/1909 as
First State Bank Of Altus

Assets: $103 million
Deposits: $98 million
Cost to FDIC: $25 million



History: Established on 1/1/1909 as First State Bank Of Altus

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 Funds 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 State Bank of Altus and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: First State Bank of Altus
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent