July 24, 2009:
Waterford Village Bank, Williamsville, NY was closed by the New York State
Banking Department. The Federal Deposit Insurance Corporation (FDIC) was
As of March 31, 2009, Waterford Village Bank had total assets of $61.4 million and total deposits of approximately $58 million.
The FDIC entered into a purchase and assumption agreement with Evans Bank, N.A., Angola, New York, to assume all of the deposits of Waterford Village Bank.
All deposit accounts have been transferred to Evans Bank and are available immediately. On Monday, July 27, 2009, the former Waterford Village Bank location reopened as a branch of Evans Bank.
Transferred deposits will be separately insured from any accounts you may already have at Evans Bank, National Association for six months after the failure of Waterford Village Bank. All interest accrued through Friday, July 24, 2009, will be paid at your same rate; however Evans Bank will be reviewing rates.
Evans Bank, National
In addition to assuming all of the deposits of the failed bank, Evans Bank, N.A. agreed to purchase essentially all of the assets. The FDIC and Evans Bank, N.A. entered into a loss-share transaction on approximately $56 million of Waterford Village Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million.
For additional information and assistance contact the FDIC at: 1-800-323-6111; or go to: http://www.fdic.gov/bank/individual/failed/waterford.html
|2009 FDIC Insured Failed Banks|
8411 Main Street
Williamsville, NY 14221
|Assets: $ 61 million|
|Deposits: $ 59 million|
|Cost to FDIC: $5.6 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 Waterford
Village Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
|Depositors must claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
or the successor institution must return the funds to the FDIC. Thereafter all
rights of the depositor against the transferee institution are barred.
The FDIC then offers to remit the insured deposit to the custody of the unclaimed property administrator in the account owner's home state. If a state declines to accept, the right to claim ends with termination of the receivership. If a state accepts, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most - but not all - states allow claims in perpetuity, and there's a reversion clause. If a depositor does not claim the funds within 10 years of delivery, the deposit must then be returned to the FDIC, and all rights of the depositor against the state and the government are barred.
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. Further, 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 tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search
|History: Established on 2/26/2007 as Waterford Village Bank|
|© 2014 NUPA - NATIONAL UNCLAIMED PROPERTY ASSOCIATES|