FDIC Failed Banks: Claim Insured Deposits at Banks in Receivership

Security Bank of Gwinnett County - Suwanee, GA

Security Bank Corporation - Unclaimed property and money

Security Bank Corporation  - missing money search

lost money search - Security Bank Corporation

July 24, 2009: Six subsidiaries of Security Bank Corporation, Macon, Georgia, including Security Bank of Gwinnett County, were closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) as receiver.

As of March 31, 2009, the six banks had total assets of $2.8 billion and total deposits of approximately $2.4 billion. Security Bank of Gwinnett County had $322 million in assets and $292 million in deposits.

The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Pinehurst, Georgia, to assume all of the deposits of the six bank subsidiaries of Security Bank Corporation. On Monday, July 27, 2009, the former Security Bank of Gwinnett County location reopened as a branch of State Bank and Trust Company.

Transferred deposits will be separately insured from any accounts you may already have at State Bank and Trust Company for six months after the failure of Security Bank. All interest accrued through Friday, July 24, 2009, will be paid at your same rate; however  State Bank and Trust Company will be reviewing rates.

State Bank and Trust Company
321 Fullington Avenue
Pinehurst, GA 31070

In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company will acquire $2.4 billion in assets. The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $1.7 billion of the six banks' assets.

To assume all of the deposits and purchase assets from the FDIC as receiver, State Bank and Trust Company received a $300 million capital infusion from a group of 26 investors.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) of the six Security Bank Corporation subsidiaries will be $807 million.

For additional information and assistance contact the FDIC at: 1-800-822-1918; or go to: http://www.fdic.gov/bank/individual/failed/sb-gwinnett.html

2009 FDIC Insured Failed Banks
Security Bank
of Gwinnett County

1380 Peachtree Industrial Boulevard
Suwanee, GA 30024

Established on 2/24/2003 as
Homestead Bank

Assets: $ 322 million
Deposits: $ 292 million
Cost to FDIC
of six Security Bank subsidiaries:
$ 807 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 Security Bank of Gwinnett County and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Security Bank of Gwinnett County
1601 Bryan Street
Dallas, Texas  75201
Attention: Claim Agent

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, IRAs, CDs and safe deposit boxes ...

Depositors must claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, or the successor institution must return the funds to the FDIC. Thereafter all rights of the depositor against the transferee institution are barred.

The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of  delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred.

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. Further, 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 tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search

History: Established on 2/24/2003 as Homestead Bank
07/31/2006 - Changed name to Security Bank Of Gwinnett County