August 14, 2009:
Union Bank, National Association, Gilbert, AZ was closed by the Office of
the Comptroller of the Currency. The
Federal Deposit Insurance Corporation was named Receiver.
As of June 12, 2009, Union Bank, N.A. had total assets of $124 million and total deposits of approximately $112 million.
The FDIC entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, Oklahoma, to assume all of the deposits of Union Bank, National Association, $88 million in brokered deposits.
All non-brokered deposit accounts have been transferred to MidFirst Bank, Oklahoma City, OK and are available immediately. On Monday, August 17, 2009, the former Union Bank, National Association location will reopen as a branch of MidFirst Bank.
The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.
Transferred deposits will be separately insured from any accounts you may already have at MidFirst Bank for six months after the failure of Union Bank. All interest accrued through Friday, August 14, 2009, will be paid at your same rate; however MidFirst Bank will be reviewing rates.
In addition to assuming all of the deposits of the failed bank, MidFirst Bank agreed to purchase approximately $11 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $61 million.
For additional information and assistance contact the FDIC at: 1-800-640-2538; or go to: http://www.fdic.gov/bank/individual/failed/union-az.html
|2009 FDIC Insured Failed Banks|
3631 East Baseline Road
Gilbert, AZ 85234
|Assets: $124 million|
|Deposits: $112 million|
|Cost to FDIC: $61 million|
Established on 5/1/1998 as Union Bank Of Arizona, National
11/01/2002 - Changed name to Union Bank, National Association
12/24/2002 - Acquired First Community National Bank - Corning, Iowa
Unclaimed FDIC Insured Deposits
There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.
This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.
In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.
Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.
It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.
For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Funds Search
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 Union
Bank, National Association
and have not received a notice, please contact:
Federal Deposit Insurance Corporation
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|