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
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: http://www.fdic.gov/bank/individual/failed/mutual-harvey.html
|2009 FDIC Insured Failed Banks|
16540 South Halsted Street
Harvey, IL 60426
|Assets: $ 1.6 billion|
|Deposits: $ 1.6 billion|
|Cost to FDIC: $ 696 million|
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
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
and have not received a notice, please contact:
Federal Deposit Insurance Corporation
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|