Failed Bank Report: Claim Your FDIC Insured Deposit at Failed Banks

Mutual Bank - Harvey, IL

Mutual Bank - Unclaimed Property Illinois

Mutual Bank  Missing Money IL

lost bank account search in Illinois - Mutual Bank

July 31, 2009: Mutual Bank, Harvey, IL was closed by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of July 16, 2009, Mutual Bank had total assets of $1.6 billion and total deposits of approximately $1.6 billion.

The FDIC entered into a purchase and assumption agreement with United Central Bank, Garland, Texas, to assume all of the deposits of Mutual Bank.

All deposit accounts have been transferred to United Central Bank and are available immediately. On Saturday, August 1, 2009, the twelve former Mutual Bank locations reopened as branches of United Central Bank.

Transferred deposits will be separately insured from any accounts you may already have at United Central Bank for six months after the failure of Mutual Bank. All interest accrued through Friday, July 31, 2009, will be paid at your same rate; however United Central Bank will be reviewing rates.

United Central Bank
4555 West Walnut
Garland, TX 75042

In addition to assuming all of the deposits of the failed bank, United Central Bank agreed to purchase essentially all of the assets or Mutual Bank. The FDIC and United Central Bank entered into a loss-share transaction on approximately $1.3 billion of Mutual Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $696 million.

For additional information and assistance contact the FDIC at: 1-866-806-5919; or go to:

2009 FDIC Insured Failed Banks
Mutual Bank
16540 South Halsted Street
Harvey, IL 60426

Established on 12/15/1962 as
First State Bank Of Harvey

Assets: $ 1.6 billion
Deposits: $ 1.6 billion
Cost to FDIC: $ 696 million



History: Established on 12/15/1962 as First State Bank Of Harvey
05/14/1980 - Changed name to Mutual Trust & Savings Bank
01/01/1994 - Changed name to Mutual Bank
02/07/2004 - Acquired Security Bank Of Dupage

Consumer Alert

Unclaimed FDIC Insured Deposits

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

Depositors must claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, or the successor institution must return the funds to the FDIC. Thereafter all rights of the depositor against the transferee institution are barred.

The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of  delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred.

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. Further, 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 tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search

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 Mutual Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Mutual Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent