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Failed Bank Information
Superior Bank, FSB, Hinsdale, IL, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Banking Services
  5. Loan Customers
  6. Possible Claims Against the Failed Institution
  7. Priority of Claims
  8. Dividend Information
  9. Brokered Deposits
  10. Balance Sheet Summary
I.  Introduction
On July 27, 2001, Superior Bank, FSB of Hinsdale, Illinois was closed by Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should answer many of your questions.

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II.  Press Release

The FDIC has issued a press release about the institutionís closure.  If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.

Press Release-52-2001
Press Release-78-2001
Press Release-21-2002

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III.  Acquiring Financial Institution

On July 27, 2001, all insured deposit accounts were transferred to Superior Federal, FSB (New Superior), Hinsdale, Illinois ("assuming institution") a new FDIC insured Federal mutual savings bank. The OTS appointed the FDIC conservator of New Superior. On November 19, 2001, all deposits and all branch offices of New Superior were transferred to Charter One Bank, FSB, Cleveland, Ohio. All accounts will be available as usual during regular business hours.

These transferred deposits will be separately insured from any accounts you may already have at Charter One Bank, FSB for six months after the transfer. Checks that were drawn on New Superior that did not clear before the institution closed will be honored. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-430-8098.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Charter One Bank, FSB (as long as the deposits are not pledged as collateral for loans).

For all questions regarding new loans and the lending policies of Charter One Bank, FSB, please contact:

(800) 331-6306

or visit the Charter One web site 

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IV.  Banking Services
You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual. All outstanding checks will be paid against your available insured balance(s) as if no change had occurred. Charter One Bank, FSB will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact Charter One Bank, FSB, Customer Service Department, at (800) 331-6306. An account representative will clear up any confusion about the validity of your checks.

After November 19, 2001, your account will earn interest at a rate determined by Charter One Bank, FSB. You will be notified by letter regarding this matter.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to Charter One Bank, FSB. If you have any questions or special requests, you may contact a representative of your assuming institution at the following telephone number: (800) 331-6306.

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V.  Loan Customers
If you had a loan with Superior Bank, FSB of Hinsdale, Illinois or with New Superior, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice. For questions regarding loans with Superior Bank, FSB or New Superior please phone (888) 323-6111.
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VI.  Possible Claims Against the Failed Institution

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.

Please note: there are time limits for filing a claim, as specified in the notice.

If you provided a service for Superior Bank, FSB of Hinsdale, Illinois or for New Superior and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Superior Bank, FSB of Hinsdale, Illinois
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201

Call toll free 1-800-568-9161

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VII.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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VIII.  Dividend Information
Dividend History on Superior Bank

Dividend Information on Failed Financial Institutions
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IX.  Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.   This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker Processing Guide

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Last Updated 06/05/2012 Customer Service