2009: New South Federal Savings Bank, Irondale, AL was closed by
the Office of Thrift Supervision. The Federal Deposit Insurance
Corporation was named receiver, and
entered into a
purchase and assumption agreement with Beal Bank, Plano, Texas, to assume
all of the deposits of New South Federal Savings Bank.
Assets & Deposits: As of September 30, 2009, New South Federal Savings Bank had approximately $1.5 billion in total assets and $1.2 billion in total deposits.
Successor Bank: All deposit accounts have been transferred to Beal Bank, Plano, TX and are available immediately. On December 21, 2009, the former New South Federal Savings Bank location reopened as a branch of Beal Bank.
FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Beal Bank for six months after the failure of New South Federal Savings Bank.
Interest: All interest accrued through Friday, December 18, 2009, will be paid at your same rate; however Beal Bank 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 South Federal Savings 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 $212.3 million. The FDIC and Beal Bank entered into a loss-share transaction on $1.2 billion of New South Federal Savings Bank's assets. Beal Bank did not pay the FDIC a premium for the deposits of New South Federal Savings Bank. In addition to assuming all of the deposits of the failed bank, Beal Bank agreed to purchase essentially all of the failed bank's assets.
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.
|2009 FDIC Insured Failed Banks|
2000 Crestwood Blvd
Irondale, AL 35210
|Assets: $1.5 billion|
|Deposits: $1.2 billion|
|Cost to FDIC: $ 212 million|
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
1/24/1985 - Established as New South Federal Savings Bank
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: Missing or Unclaimed Account Search
Depositor Claims: For additional information and assistance on the New South Federal Savings Bank receivership contact the FDIC at: 1-800-423-6395; or go to: http://www.fdic.gov/bank/individual/failed/newsouth.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 South Federal Savings Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|