Failed Bank List: Claim FDIC-insured Accounts and CDs at Closed Banks

First State Bank - Sarasota, FL

First State Bank - Find Missing Money

First State Bank - lost bank account search

lost bank account search - First State Bank

August 7, 2009 First State Bank, Sarasota, FL was closed by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of May 31, 2009, First State Bank had total assets of $463 million and total deposits of approximately $387 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 First State Bank, excluding $8 million in brokered deposits.

All non-brokered deposit accounts have been transferred to Stearns Bank and are available immediately. 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.

On Monday, August 10, 2009, the nine former First State Bank locations reopened as branches of Stearns Bank, N.A. Transferred deposits will be separately insured from any accounts you may already have at Stearns Bank for six months after the failure of First State Bank. All interest accrued through Friday, August 10, 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

In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase approximately $451 million of assets. The FDIC and Stearns Bank, N.A. entered into a loss-share transaction on approximately $364 million of First State 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 $116 million.

For additional information and assistance contact the FDIC at: 1-800-405-8124; or go to:

2009 FDIC Insured Failed Banks
First State Bank
22 South Links Avenue
Sarasota, FL 34236

Established on 10/27/1988 as
First State Bank Of Sarasota

Assets: $463 million
Deposits: $387 million
Cost to FDIC: $116 million



History: Established on 10/27/1988 as First State Bank Of Sarasota
08/04/1997 - Changed name to First State Bank
8/09/2001 - Acquired First State Bank Of Pinellas

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

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