26, 2009: Neighborhood Community Bank, Newnan, GA was closed by the
Georgia Department of Banking and Finance. The Federal Deposit Insurance
Corporation (FDIC) was named Receiver.
As of March 31, 2009, Neighborhood Community Bank had total assets of $221.6 million and total deposits of approximately $191.3 million.
The FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of Neighborhood Community Bank. All deposit accounts have been transferred to CharterBank and are immediately available. As of Monday, June 29, all four former offices of Neighborhood Community Bank reopened as branches of CharterBank.
Transferred deposits will be separately insured from any accounts you may already have at CharterBank for six months after the failure of Neighborhood Community Bank.
All interest accrued through Friday, June 26, 2009, will be paid at your same rate; however CharterBank will be reviewing rates.
In addition to assuming all of the deposits of the failed bank, CharterBank agreed to purchase approximately $209.6 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC and CharterBank entered into a loss-share transaction on approximately $178.5 million of Neighborhood Community Bank's assets. CharterBank 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 $66.7 million.
For additional information and assistance contact the FDIC at: 888-408-4360; or go to: http://www.fdic.gov/bank/individual/failed/neighbor.html
|2009 FDIC Insured Failed Banks|
145 Millard Farmer Industrial Boulevard
Newnan, GA 30263
|Assets: $222 million|
|Deposits: $191 million|
|Cost to FDIC: $66.7 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
Neighborhood Community Bank and have not received a notice, contact:
Federal Deposit Insurance Corporation
Note: If you are an equity shareholder, your shares are in Newnan Coweta Bancshares, Inc., Newnan, Georgia, the holding company for Neighborhood Community Bank. Contact: Newnan Coweta Bancshares, Inc., 145 Millard Farmer Industrial Blvd, Newnan, GA 30263.
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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
4/20/2000 as Newnan Coweta Bank
06/30/2005 - Changed name to Neighborhood Community Bank
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|