Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Security Savings Bank - Henderson, NV

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February 27, 2009: Security Savings Bank, Henderson, NV was closed by the Financial Institutions Division of the Nevada Department of Business and Industry. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of December 31, 2008, Security Savings Bank had total assets of approximately $238.3 million and total deposits of $175.2 million.

All non-brokered deposit accounts have been transferred to Bank of Nevada, Las Vegas, NV and are available immediately.  On Monday, March 2, 2009, both former Security Savings Bank locations reopened as branches of Bank of Nevada.

Transferred deposits will be separately insured from any accounts you may already have at Bank of Nevada for six months after the failure of Security Savings Bank.

All interest accrued through Friday, February 27, 2009, will be paid at your same rate; however Bank of Nevada will be reviewing rates.

Bank of Nevada
2700 West Sahara Avenue
Las Vegas, NV 89102
702-248-4200
http://www.bankofnevada.com

Bank of Nevada did not pay a premium to acquire the deposits of Security Savings Bank. In addition to acquiring all of the failed banks deposits, including those from deposit brokers, Bank of Nevada agreed to purchase approximately $111.3 million in assets. The FDIC will retain any remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $59.1 million.

For additional information and assistance contact the FDIC at: 1-800-823-5017; or go to: http://www.fdic.gov/bank/individual/failed/securitysavings.html

2009 FDIC Insured Failed Banks
 
 
 
 
Security Savings Bank
3019 St. Rose Parkway, Suite 100
Henderson, NV 89052
http://www.bankplace.com
 

Established on 4/3/2000 as
Security State Savings Bank
 

Assets: $238 million
Deposits: $175 million
 
 
Cost to FDIC: $59 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 Savings Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Security Savings Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
1-800-568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

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

If an 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 4/3/2000 as Security State Savings Bank
4/19/2006: Changed name to Security Savings Bank

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