2009: Platinum Community Bank, Rolling Meadows, IL was closed by
the Office of Thrift Supervision. The FDIC was named Receiver.
Assets & Deposits: Platinum Community Bank, as of August 29, 2009, had total assets of $345.6 million and total deposits of $305.0 million.
Successor Bank: None.
FDIC Insurance: The Federal Deposit Insurance Corporation will fulfill its obligation to insured depositors by mailing checks for their insured amounts up to the insurance limit on Tuesday, September 8.
All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.
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 1-800-640-2751. Depositors at failed banks may also check online at: https://www2.fdic.gov/drrip/afi/index.asp
If it is determined that you have uninsured funds, the FDIC will mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the liquidation of assets of Platinum Community Bank.
Interest: Principal and interest on insured accounts, through Friday, September 4, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000.
Checks, Loans, Interest and Automated Transactions: CDs will automatically be closed, and you will receive a check up to the insured amount from the FDIC. You will not be assessed an early withdrawal penalty.
The FDIC entered into an agreement with MB Financial Bank, National Association, to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments. Customers must use MB Financial's branch located at 2251 Plum Grove, Palatine, Illinois, to access their federal government direct deposits.
Cost to FDIC: The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $114.3 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.
|2009 FDIC Insured Failed Banks|
2915 West Kirchoff Road
Rolling Meadows, IL 60008
|Assets: $346 million|
|Deposits: $305 million|
|Cost to FDIC: $114 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
03/01/1999 - Established as Platinum Community 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 Platinum Community Bank receivership contact the FDIC at: 1-800-640-2751; or go to: http://www.fdic.gov/bank/individual/failed/platinum-il.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 Platinum Community Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|