Friday, April 10,
The Colorado Division of Banking
closed New Frontier Bank, Greeley, CO. The Federal Deposit Insurance
Corporation (FDIC) was named Receiver.
As of March 24, 2009, New Frontier had assets of $2.0 billion and deposits of about $1.5 billion.
The FDIC created the Deposit Insurance National Bank of Greeley (DINB), which will remain open for 30 days. FDIC contracted Bank of the West, San Francisco, California, from Monday, April 13, 2009, through Friday, May 8, 2009 to provide operational management of DINB at the three former New Frontier Bank locations.
Transferred to DINB were all insured deposits of New Frontier, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts (IRAs). The FDIC will pay brokered deposits directly to the brokers for the amount of their insured funds. Checks for insured CDs and insured IRAs were sent on April 13, 2009 to your mailing address on record with New Frontier Bank.
All interest accrued through Friday, April 10, 2009, will be paid at your same rate. Interest will not continue to accrue after that date.
At the end of the transition period, checks will be mailed to the address of record for depositors who have not closed or transferred their accounts. At the time of closing, there were approximately $150 million in insured deposits and $4 million in deposits that potentially exceeded the insurance limits. Uninsured deposits were not transferred to the DINB. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 800-830-4705.
The cost to the FDIC's Deposit Insurance Fund is estimated to be $670 million.
For additional information and assistance contact the FDIC at: 800-568-9161; or go to: http://www.fdic.gov/bank/individual/failed/newfrontier.html
|2009 FDIC Insured Failed Banks|
2425 35th Avenue
Greeley, CO 80634
|Assets: $2 billion|
|Deposits: $1.5 billion|
|Cost to FDIC: $670 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 New
Frontier Bank and have not received a notice, please contact:
Deposit Insurance Corporation
New Frontier Bank had no publicly owned stock. Equity shareholders were invested in the holding company, New Frontier Bancorp, Greeley, CO, and not in the bank. Please do not file a claim with the Receiver, rather, contact the holding company with any questions you may have:
New Frontier Bancorp
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
|History: Established on 12/1/1998 as New Frontier Bank|
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|