Each depositor insured to at least $250,000 per insured bank



Home > Industry Analysis > Failed Banks > Failed Bank List > Failed Bank Information




Failed Bank Information
Information for American Sterling Bank, Sugar Creek, MO
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Purchase and Assumption Agreement (533 kb PDF File - PDF Help) 
  12. American Sterling Bank Contact Information
  13. Balance Sheet Summary
I.  Introduction
On Friday, April 17, 2009, American Sterling Bank, Sugar Creek, MO was closed by The 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.

Back to top
II.  Press Release
The FDIC has issued a press release (PR-054-2009) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 202-898-3876.
Back to top
III.  Acquiring Financial Institution
All deposit accounts have been transferred to Metcalf Bank, Lee's Summit, MO ("assuming institution") and will be available immediately.  On Saturday, April 18, 2009, the former Missouri offices of American Sterling Bank will reopen as branches of Metcalf Bank. On Monday, April 20, 2009, the former California and Arizona offices of American Sterling Bank will reopen as branches of Metcalf Bank.

Your transferred deposits will be separately insured from any accounts you may already have at Metcalf Bank for six months after the failure of American Sterling Bank. Checks that were drawn on American Sterling Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,  you may speak to an FDIC representative regarding deposit insurance by calling 1-1-866-954-9528.

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 Metcalf Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Metcalf Bank by visiting their web site.

Metcalf Bank (www.metcalfbank.com)

Back to top
V.  Banking Services
The Automated Teller Machines (ATM) and online service will remain available.

On Saturday, April 18, 2009, at the Missouri offices you may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc. On Monday, April 20, 2009, these services will be available at the California and Arizona offices.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank 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 your branch office.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, April 17, 2009, will be paid at your same rate.  Metcalf Bank will be reviewing rates and will provide further information soon.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

Back to top
VI.  Loan Customers
If you had a loan with American Sterling Bank, 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 in your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of Metcalf Bank, please contact your branch office.

Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.

Back to top
VII.  Possible Claims Against the Failed Institution

If you or your company provided a service or product, leased space, furniture, or equipment to American Sterling Bank after Friday, April 17, 2009 and have not been paid you do not have a claim against American Sterling Bank. Please follow your normal billing procedures by providing an invoice as instructed.

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to the American Sterling Bank prior to Friday, April 17, 2009 and have not been paid you may be entitled to a claim against the bank. If you provided a product to or a service for American Sterling Bank prior to the bank's failure for which you have not been paid and you have not received communication, contact:

Federal Deposit Insurance Corporation
Receiver:   American Sterling Bank
1601 Bryan Street
Dallas, TX 75201

Please note:  There are time limits for filing a claim, your claim must be filed on or before 07/22/2009.

Back to top
VIII.  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
Back to top
IX.  Dividend Information
 
Dividend History on American Sterling Bank

Dividend Information on Failed Financial Institutions
Back to top
X.  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

Back to top
General Disclaimer



Last Updated 08/31/2012 cservicefdicdal@fdic.gov