Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

FirstCity Bank - Stockbridge, GA

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FirstCity Bank  - missing bank account search

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March 20, 2009: FirstCity Bank, Stockbridge, GA was closed by the Georgia Department of Banking and Finance. The FDIC was named Receiver.

As of March 18, 2009, FirstCity had total assets of $297 million and total deposits of $278 million.

An assuming institution could not be located. As of March 20, all accounts have been closed and you no longer have access to the website and online services. Principal and interest on insured accounts, through March 20, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

Depositors will receive a final statement and a check up to the insured amount from the FDIC.

All interest bearing accounts that appear to exceed the $250,000 insurance limit are reviewed by the FDIC to determine ownership and insurance coverage. At the time of closing, the bank had approximately $778,000 in deposits that exceeded the insurance limits.

If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-877-367-2719.

Direct deposits from the federal government, such as Social Security and Veterans' payments, will be transferred to SunTrust Bank. For the specific SunTrust branches, depositors should contact the FDIC at: 1-877-367-2719.

The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $100 million.

For additional information and assistance contact the FDIC at:1-877-367-2719; or go to:

2009 FDIC Insured Failed Banks
FirstCity Bank
831 Fairways Court
Stockbridge, GA 30281

Established on 11/27/1905 as
Bank Of Gibson

Assets: $297 million
Deposits: $278 million
Cost to FDIC: $100 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  FirstCIty Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: FirstCIty Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

Note: FirstCity Bank had no publicly owned stock. Equity shareholders were invested in the holding company, FirstCity Bancorp, Inc., Stockbridge, GA, and not in the bank. Shareholders should contact the holding company’s registered agent (W. David Everitt, Jr., 428 Winged Foot Drive, McDonough, GA 30253) with any questions.

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 11/27/1905 as Bank Of Gibson
10/2/2001 - Name changed to FirstCity Bank