Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

TeamBank N.A. - Paola, KS

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March 20, 2009: TeamBank, N.A., Paola, KS was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of December 31, 2008, Teambank had total assets of $669.8 million and total deposits of $492.8 million.

The FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Teambank. All deposit accounts have been transferred to Great Southern Bank and are available immediately. On Saturday, March 21, 2009, seventeen former TeamBank, N.A. locations reopened as branches of Great Southern Bank.

Transferred deposits will be separately insured from any accounts you may already have at Great Southern Bank for six months after the failure of TeamBank, N.A. All interest accrued through March 20, 2009, will be paid at your same rate; however Great Southern Bank will be reviewing rates.

Great Southern Bank
14309 Highway 13
Reeds Spring, MO 65737
800-725-6622
http://www.greatsouthernbank.com

The FDIC and Great Southern Bank entered into a loss-share transaction. The FDIC will share 80/20 percent in the losses with Great Southern Bank on approximately $450 million in assets covered under the agreement.

The FDIC transferred to Great Southern Bank, Springfield, Missouri, virtually all of the assets of TeamBank. In connection with the transfer, all Qualified Financial Contracts to which TeamBank was a party were also transferred to Great Southern Bank. Qualified Financial Contracts include swaps, options, futures, forwards and repurchase agreements.

 In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase approximately $656.5 million in assets at a discount of $100 million, and pay a 1 percent premium on deposits. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $98 million.

For additional information and assistance contact the FDIC at: 800-830-4697; or go to: http://www.fdic.gov/bank/individual/failed/teambank.html

2009 FDIC Insured Failed Banks
 
 
 
 
Teambank, NA
1 South Pearl Street
Paola, KS 66071

http://www.teambank-na.com
 

Established on 10/20/1875 as
The Miami County National Bank Of Paola
 

Assets: $670 million
Deposits: $493 million
 
 
Cost to FDIC: $98 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  TeamBank, N.A. and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: TeamBank, N.A.
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
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 10/20/1875 as The Miami County National Bank Of Paola, Kansas
09/02/1993 - Acquired The American State Bank of Osawatomie, Kansas
06/15/1997 - Name Changed name to Teambank, National Association
06/26/1999 - Acquired Teambank Nebraska
06/26/2000 - Acquired The First National Bank And Trust Company of Parsons, Kansas
02/24/2001 - Acquired Iola Bank And Trust Company in Iola, Kansas
07/21/2001 - Acquired Fort Calhoun State Bank of Fort Calhoun, Nebraska
06/21/2002 - Acquired Community Bank of Chapman, Kansas

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