Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

FirstBank Financial Services - McDonough, GA

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February 6, 2009: FirstBank Financial Services, McDonough, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of December 31, 2008, FirstBank had assets of approximately $337 million and deposits of $279 million.

The FDIC entered into a purchase and assumption agreement with Regions Bank, Birmingham, Alabama, to assume all of the deposits of FirstBank Financial Services. All deposits have been transferred to Regions Bank, N.A., Birmingham, AL and are available immediately. The four former FirstBank locations reopened as branches of Regions Bank on February 9, 2008.

Transferred deposits will be separately insured from any accounts you may already have at Regions Bank for six months after the failure of FirstBank Financial Services.

All interest accrued through Friday, February 6, 2009, will be paid at your same rate; however Regions Bank will be reviewing rates. 

Regions Bank
1900 Fifth Avenue North
Birmingham, AL 35203
800-734-4667
http://www.regions.com

In addition to assuming all of the failed bank's deposits, including those from brokers, Regions agreed to purchase approximately $17 million in assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $111 million.

For additional information and assistance contact the FDIC at: 800-823-3215 or go to: http://www.fdic.gov/bank/individual/failed/firstbank.html

2009 FDIC Insured Failed Banks
 
 
 
 
FirstBank Financial Services
120 Keys Ferry Street
McDonough, GA 30253
www.firstbankfinancialservices.com
 

Established on 1/28/2002 as
First Bank Of Henry County
 

Assets: $337 million
Deposits: $279 million
 
 
Cost to FDIC: $111 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  FirstBank Financial Services and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: FirstBank Financial Services
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
Call toll free 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 1/28/2002 as First Bank Of Henry County
1/1/2007 - Name changed to Firstbank Financial Services


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