Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Mirae Bank - Los Angeles, CA

Unclaimed Funds at Mirae Bank

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Friday, June 26, 2009: Mirae Bank, Los Angeles, CA was closed by the California Department of Financial Institutions. Tthe Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of May 29, 2009, Mirae Bank had total assets of $456 million and total deposits of approximately $362 million.

The FDIC entered into a purchase and assumption agreement with Wilshire State Bank, Los Angeles, California, to assume all of the deposits of Mirae Bank.

All deposit accounts have been transferred to Wilshire State Bank, Los Angeles, CA and are available immediately. On Monday, June 29, 2009, the five former Mirae Bank locations reopened as branches of Wilshire State Bank.

Transferred deposits will be separately insured from any accounts you may already have at Wilshire State Bank for six months after the failure of Mirae Bank. All interest accrued through Friday, June 26, 2009, will be paid at your same rate; however Wilshire State Bank will be reviewing rates.

Wilshire State Bank
3200 Wilshire Boulevard
Los Angeles, CA 90010
866. 886. BANK
http://www.wilshirebank.com

In addition to assuming all of the deposits of the failed bank, Wilshire State Bank agreed to purchase approximately $449 million of assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Wilshire State Bank entered into a loss-share transaction on approximately $341 million of Mirae's assets. Wilshire State Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $50 million.

For additional information and assistance contact the FDIC at: 1-800-930-1848; or go to: http://www.fdic.gov/bank/individual/failed/mirae.html

2009 FDIC Insured Failed Banks
 
 
 
 
Mirae Bank
3255 Wilshire Boulevard #1100
Los Angeles, CA 90010
http://www.miraebank.com
 

Established on 7/1/2002 as
Mirae Bank
 

Assets: $456 million
Deposits: $362 million
 
 
Cost to FDIC: $50 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  Mirae Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Mirae Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
1-800-568-9161

Note: There was no publicly owned stock in Mirae Bank. If you are an equity shareholder, your shares are in Mirae Bank Holding Company, Los Angeles, California, the holding company. Contact: Mirae Bank Holding Company, 3255 Wilshire Blvd., #1100, Los Angeles, CA 90010


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 7/1/2002 as Mirae Bank

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