Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

InBank - Oak Forest, IL

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lost bank account search - InBank

September 4, 2009: InBank, Oak Forest, IL was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of August 3, 2009, InBank had total assets of $212 million and total deposits of approximately $199 million.

Successor Bank: The FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all non-brokered deposits of InBank. On September 5, 2009, the three former InBank locations reopened as branches of MB Financial Bank, N.A.

The FDIC will pay these 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.

MB Financial Bank, National Association
800 West Madison Street
Chicago, IL 60607
888.422.6562
http://www.mbfinancial.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at MB Financial Bank, N.A. for six months after the failure of InBank.

Interest: All interest accrued through Friday, September 4, 2009, will be paid at your same rate; however MB Financial 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 InBank, 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 $66 million. In addition to assuming the deposits of the failed bank, MB Financial Bank, N.A., agreed to purchase essentially all of the 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
 
 
 
 
InBank
15533 South Cicero Avenue
Oak Forest, IL 60452

http://www.inbank.com
 

Established on 6/25/1970 
as
Interstate Bank Of Oak Forest
 

Assets: $212 million
Deposits: $199 million
 
 
Cost to FDIC: $66 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.

06/25/1970 - Established as Interstate Bank Of Oak Forest
60/16/1997 - Changed name to Interstate Bank
03/31/2008 - Changed name to Inbank


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 of InBank Bank receivership contact the FDIC at: 1-800-640-2607; or go to: http://www.fdic.gov/bank/individual/failed/inbank.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 InBank and have not received a notice, please contact:

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


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