Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Irwin Union Bank and Trust Company - Columbus, IN

Indiana Unclaimed Property

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lost bank account search - Irwin Union Bank and Trust

September 18, 2009: Irwin Union Bank and Trust Company, Columbus, IN was closed by the Indiana Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of August 31, 2009, Irwin Union Bank and Trust Company had total assets of $2.7 billion and total deposits of approximately $2.1 billion.

Successor Bank: The FDIC entered into a purchase and assumption agreement with First Financial Bank, National Association, Hamilton, Ohio, to assume all of the deposits. All deposit accounts have been transferred to First Financial Bank and are available immediately. The former Irwin Union Bank and Trust Company locations reopened as branches of First Financial Bank, N.A.

First Financial Bank, National Association
300 High Street
Hamilton, OH 45011
877.322.9530
http://www.bankatfirst.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at First Financial Bank, N.A. for six months after the failure of Irwin Union Bank and Trust Company.

Interest: All interest accrued through Friday, September 18, 2009, will be paid at your same rate; however First Financial Bank, N.A. 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  Irwin Union Bank and Trust Company, you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Irwin Union Bank and Trust Company (IN) and Irwin Bank (KY) will be $850 million. First Financial Bank paid the FDIC a premium of one percent to assume all of the deposits of Irwin Union B&T Company. The FDIC and First Financial Bank entered into a loss-share transaction on approximately $2.5 billion of the assets of Irwin Union B&T Company and Irwin Union Bank, F.S.B

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
 
 
 
 
Irwin Union
Bank and Trust Company

500 Washington Street
Columbus, N 47201

http://www.irwinunion.com
 

Established on 4/2/1928 
as
Irwin Union Bank and Trust Company
 

Assets: $2.7 billion
Deposits: $2.1 billion
 
 
Cost to FDIC: $850 million
(
Irwin Financial Corporation)

 

 
 

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.

04/02/1928 - Irwin Union Bank and Trust Company


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 Irwin Union Bank and Trust Company receivership contact the FDIC at: 800-528-4893; or go to: http://www.fdic.gov/bank/individual/failed/irwin-in.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 Irwin Union Bank and Trust Company and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Irwin Union Bank and Trust Company
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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