Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Silver Falls Bank, Silverton, OR

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February 20, 2009: Silver Falls Bank, Silverton, OR was closed by the the Oregon Department of Consumer and Business Services. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of February 9, 2009, Silver Falls Bank had total assets of approximately $131.4 million and total deposits of $116.3 million.

The FDIC entered into a purchase and assumption agreement with Citizens Bank, Corvallis, Oregon, to assume all of the deposits of Silver Falls Bank. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank.

All deposit accounts have been transferred to Citizens Bank, Corvallis, OR and are available immediately.  On Monday, February 23, 2209, three former Silver Falls Bank locations reopened as branches of Citizens Bank.

Transferred deposits will be separately insured from any accounts you may already have at Citizens Bank for six months after the failure of Silver Falls Bank. All interest accrued through Friday, February 20, 2009, will be paid at your same rate; however Citizens Bank will be reviewing rates.

Citizens Bank
275 S. W. Third Street
Corvallis, OR 97339
(800) 577-1778
http://www.citizensebank.com

In addition to acquiring all of the failed banks deposits, including those from brokers, Citizens Bank agreed to purchase approximately $13 million in assets comprised of cash, cash equivalents, securities, overdraft loans, and deposit secured loans. The FDIC will retain any remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million.

For additional information and assistance contact the FDIC at: 800-760-3639; or go to: http://www.fdic.gov/bank/individual/failed/silverfalls.html

2009 FDIC Insured Failed Banks
 
 
 
 
Silver Falls Bank
217 East Main Street
Silverton, OR 97381
http://www.silverfallsbank.com
 

Established on 4/24/2000 as
Silver Falls Bank
 

Assets: $131 million
Deposits: $116 million
 
 
Cost to FDIC: $50 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  Silver Falls Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Silver Falls 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 4/24/2000

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