July 24, 2009:
Six subsidiaries of Security
Bank Corporation, Macon, Georgia, were closed by the Georgia Department of
Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) as
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 North Metro had $224 million in assets and $212 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, Security Bank of North Metro reopened as 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
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.
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: 1-800-823-4939; or go to: http://www.fdic.gov/bank/individual/failed/sb-metro.html
|2009 FDIC Insured Failed Banks|
of North Metro
155 Towne Lake Parkway
Woodstock, GA 30188
|Assets: $ 224 million|
|Deposits: $ 212 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 North Metro and have not received a notice, please contact:
Federal Deposit Insurance Corporation
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
Established on 05/20/2002 as
Southbank, National Association
1/7/2004 - Changed name to Southbank
6/9/2005 - Changed name to Security Bank Of North Metro
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|