Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

New Liberty Bank - Plymouth, MI

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May 14, 2010: New Liberty Bank, Plymouth, MI was closed by the Michigan Office of Financial and Insurance Services. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: New Liberty Bank had approximately $109.1 million in total assets and $101.8 million in total deposits.

Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Bank of Ann Arbor, Ann Arbor, Michigan. The sole branch of New Liberty Bank will reopen on Saturday as a branch of Bank of Ann Arbor. Depositors of New Liberty Bank will automatically become depositors of Bank of Ann Arbor.

Bank of Ann Arbor
125 South Fifth Avenue
Ann Arbor, MI 48107

FDIC Insurance: Transferred transferred deposits will be separately insured from any accounts you may already have at Bank of Ann Arbor for six months after the failure of New Liberty Bank.

Interest: All interest accrued through Friday, May 14, 2010 will be paid at your same rate.  Bank of Ann Arbor 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 New Liberty Bank you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million

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.

2010 FDIC Insured Failed Banks
 
 
 
 
New Liberty Bank
1333 Ann Arbor Road
Plymouth, MI 48170
 
 

Established on 3/16/2001
as
New Liberty Bank
 

Assets: $109 million
Deposits: $102 million
 
 
Cost to FDIC: $25 million

 

 
 

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.

Established as New Liberty Bank


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: MI Missing Money Search


Depositor Claims: For additional information and assistance on the New Liberty Bankreceivership contact the FDIC at: 1-800-894-6992; or go to: http://www.fdic.gov/bank/individual/failed/newlibertymi.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 New Liberty Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: New Liberty Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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