Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Flagship National Bank - Bradenton, FL

 Unclaimed accounts at Flagship National Bank

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lost bank account search - Flagship National Bank

October 23, 2009: Flagship National Bank, Bradenton, FL was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million.

Successor Bank: the FDIC entered into a purchase and assumption agreement with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Flagship National Bank. All deposit accounts have been transferred to First Federal Bank of Florida, Lake City, FL and are available immediately. On , October 26, 2009, the four former Flagship National Bank locations reopened as branches of First Federal Bank of Florida.

First Federal Bank of Florida
4705 West Us Highway 90
Lake City, FL 32055

(386) 754-0090
http://www.ffsb.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at First Federal Bank of Florida for six months after the failure of Flagship National Bank.

Interest: All interest accrued through Friday, October 23, 2009, will be paid at your same rate; however First Federal Bank of Florida will be reviewing rates.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Flagship National Bank, you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million First Federal Bank of Florida did not pay the FDIC a premium for the deposits of Flagship National Bank. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets. The FDIC and First Federal Bank of Florida entered into a loss-share transaction on approximately $130 million of Flagship National Bank's assets.

Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.

2009 FDIC Insured Failed Banks
 
 
 
 
Flagship National Bank
6004 26th Street West
Bradenton, FL 34207

 

 

Established on 5/18/1999 
as
Flagship National Bank
 

Assets: $190 million
Deposits: $175 million
 
 
Cost to FDIC: $59 million

 

 
 

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

5/18/1999 - Established


Depositor Alert

Unclaimed FDIC Insured Deposits

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

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Missing or Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Flagship National Bank receivership contact the FDIC at: 800-355-0650; or go to: http://www.fdic.gov/bank/individual/failed/flagship.html

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 Flagship National Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Flagship National Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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