Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Waterfield Bank - Germantown, MD

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March 5, 2010: Waterfield Bank, Germantown, MD was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of December 31, 2009, Waterfield Bank had $155.6 million in assets and $156.4 million in deposits.

Successor Bank: The FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions.

At the time of closing, the receiver immediately transferred to Waterfield Bank, FA, all insured deposits of the failed bank, except certificates of deposits (CDs) and individual retirement accounts (IRAs). The FDIC began mailing checks directly to customers with CDs and IRAs for the amount of their insured funds on March 8.

Waterfield Bank, FA
19828 Century Blvd
Germantown, MD 20874
http://www.waterfieldbank.com
https://online1.waterfieldsrvs.com/wb/logon.asp

FDIC Insurance: Principal and interest on insured accounts, through Friday, March 5, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000.  You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

At the time of closing, the amount of deposits exceeding the insurance limits totaled about $407,000. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-830-4735.

Interest: All interest accrued through Friday, March 5, 2010, will be paid at your same rate.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with Waterfield Bank you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to its Deposit Insurance Fund will be $51.0 million.

Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.

2009 FDIC Insured Failed Banks
 
 
 
 
Waterfield Bank
19828 Century Blvd
Germantown, MD 20874
 
 

Established on 6/12/2000
as
Assurance Partners Bank
 

Assets: $156 million
Deposits: $156  million
 
 
Cost to FDIC: $51 million

 

 
 

History: 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.

06/12/2000 - Assurance Partners Bank
02/01/2006 - Changed name to American Partners Bank
01/21/2008 - Changed name to Waterfield Bank


Depositor Alert

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


Depositor Claims: For additional information and assistance on the Waterfield Bank receivership contact the FDIC at: (800) 830-4735 or go to: http://www.fdic.gov/bank/individual/failed/waterfield.html

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 Waterfield Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Waterfield Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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