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Home > Industry Analysis > Failed Banks > Failed Bank Information | |
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If you have more than $250,000 in your interest-bearing account, or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claims Agent. You should call the FDIC at 1-866-954-9530 to schedule a telephone appointment with an FDIC Claims Agent.
If you have an interest-bearing account or group of interest-bearing accounts that exceeds $250,000, you may need to complete certain declarations or affidavits and provide documentation so that the FDIC can make an insurance determination on your account(s).
If you are an investor with a deposit broker, you may need to complete one of these forms only if your investment exceeds $250,000. However, you must mail your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, or if your deposits are in a noninterest-bearing transaction account(s), you DO NOT need to complete these documents or contact the FDIC.
An account hold may be placed on an account due to the need for additional documentation
from a depositor. For example, a Declaration for Trust form may be required to
attest to the parties involved in a trust. These forms can be mailed to you,
or you can access them online at:
Deposit
Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims)
If you have a question regarding the completion of required affidavits or declarations,
please call 1-866-954-9530 and indicate you have a form completion question.
Additionally, FDIC claims agents will be available at the Villa Rica and Kennesaw offices of the bank, between the hours of 8:00 a.m. to 5:00 p.m., beginning Monday June 29, 2009 to assist in completing the required affidavits or declarations.
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
Another reason an account hold may be placed is due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. Please contact the FDIC at 1-866-954-9530 to schedule a telephone appointment.
A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp), is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC. This service will be available for use no later than the first business day after the bank's failure. Once you enter your account number, your insurance status for that account will appear. If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number one. If there is a hold, you will need to contact the FDIC at 1-866-954-9530 to schedule a telephone appointment.
No. All accounts have been closed. You will receive a check from the FDIC within one week of the closing.
No. All accounts have been closed; therefore, you should contact your creditors to make other arrangements.
Brokered deposits will be held and paid directly by the FDIC.
If you are a customer who has a Community Bank of West Georgia deposit through a broker, you must contact your broker with any questions.
All checks will be returned and stamped “Bank Closed.” This document is a letter (www.fdic.gov/bank/individual/failed/communityga_return_checks_letter.html) you can provide to your creditors explaining that checks were returned through no fault of your own due to the bank closing, and this is no reflection on you.
You will receive a check from the FDIC within one week of the closing. Please be advised that this money will be turned over to your state as unclaimed property if this check is not cashed within 18 months. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
All accounts have been closed, and you will receive a check from the FDIC within one week of the closing.
If you had a loan with Community Bank of West Georgia, please continue to make your payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to Community Bank of West Georgia.
Federal Government Direct Deposits (only)
The FDIC has arranged for all Federal Government direct deposits, including Social Security checks, to be redirected to the Villa Rica branch office of United Community Bank, headquartered in Blairsville, GA. The branch is located at 485 W. Bankhead Highway, Villa Rica, GA. Customers will need to go in person and present proper identification to the customer service representative at the Villa Rica branch of United Community Bank to claim their incoming Federal Government direct deposits. Please remember these ACH deposits will be processed at the same time they have been processed in the past.
You may contact Karen Camp at United Community Bank by calling 1-770-459-3100
if you have questions. In addition, please be aware United Community
Bank will provide this service for 60 days, which will allow you adequate
time
to establish an account, if necessary, with another financial
institution and redirect your Federal Government direct deposit to that
account.
Non-Federal Government Direct Deposits
For all other direct deposits (that is, direct deposits that are not issued by a Federal Government entity) will be returned to the sender. Customers who have non-Federal Government direct deposits should contact the issuer to redirect the funds to an account you have established at another financial institution.
Your CD will automatically be closed, and you will receive a check from the FDIC within one week of the closing. You will NOT be assessed an early withdrawal penalty.
You will receive a final statement within one week of the closing.
All interest on insured deposits accrued through Friday, June 26, 2009, will be paid at your same rate. This will be included in the check you will receive from the FDIC within one week of the closing.
No, these checks will not clear; however, you will receive payment from the FDIC as any outstanding checks will be added back to any of your account balances. This is because Official Checks (those issued by institutions – for example, Cashier’s Checks, Certified Checks, Money Orders) meet the definition of noninterest-bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, noninterest-bearing transaction accounts are fully insured.
All accounts have been closed, and you will no longer have access to the website.
From the date a check is issued to you for your IRA, you have 60 days to roll this over into another retirement vehicle. You
should consult IRS Publication 590 and/or your tax advisor concerning
the possible tax consequences of such distribution. This publication
specifically addresses this situation; therefore, you should review
it carefully. IRS Publication 590 may be obtained by contacting your local IRS office or via the Internet at www.irs.gov.
IRA funds are insured separately from other types of accounts up to $250,000. A check for the amount of your insured IRA deposit will be mailed to your address on record with the bank on Monday, June 29, 2009.
Principal and interest on insured accounts, through Friday, June 26, 2009, are protected by the FDIC, to at
least $250,000. All transferred accounts are insured to at
least $250,000. Certain entitlements and different types of accounts can be insured in excess of the $250,000.
If you have more than $250,000 in your interest bearing account (or
$250,000 in your IRA), or if the total of your related interest bearing
accounts exceeds $250,000, your accounts may require review by an FDIC
Claims Agent. All accounts that appear to be related are reviewed to
determine ownership and insurance coverage. See the response to question
number one for information regarding
forms you may need to complete to expedite this process.
Checks that were drawn on Community Bank of West Georgia that did not clear before the institution closed will be returned indicating “Bank Closed.” This document is a letter (www.fdic.gov/bank/individual/failed/communityga_return_checks_letter.html) you can provide to your creditors explaining the bank was closed, and checks have been returned through no fault of your own. You should contact your vendors as soon as possible.
Please contact the FDIC at 1-888-206-4662 to request a copy of your records.
The FDIC will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
If you have a loan in the same name as your uninsured deposit account, it may be possible to offset your uninsured amount against your loan. You should discuss this with your Claims Agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will mail you a Receivership Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of Community Bank of West Georgia. You may eventually recover more of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance
Corporation ("FDIC") is appointed as receiver, one of FDIC's
responsibilities is to sell the institution's assets to pay the depositors
and its creditors. The money generated by the sale of these assets
will flow through the Receivership, and periodic dividend payments
will be made to proven claimants when excess cash is available. For
an explanation of the dividend process, go to FDIC
Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Of course, you will receive immediate full payment for your insured
amount by check directly from the FDIC.
If you have a deposit through a broker, your insured funds will be wired to your broker on your behalf once the FDIC receives all required documentation from your broker.
No, regretfully, we cannot wire funds to individual depositors.
No. All accounts have been closed. You should contact your loan officer to make other arrangements for your loan payments at at 1-770-456-9922, extension 129.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer at 1-770-456-9922, extension 129.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer at 1-770-456-9922, extension 129.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately at 1-770-456-9922, extension 129.
No. The current fee structure will remain the same.
At this point, all foreclosure actions have been suspended in order to properly evaluate the loans and the borrower’s ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
No. All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended. You should contact another financial institution to discuss establishing a borrowing relationship.
Please contact your loan officer directly at 1-770-456-9922, extension 129.
Loan sweep account options will no longer be available. Please contact your loan officer at 1-770-456-9922, extension 129.
No. All accounts have been closed.
You should continue to make your payments as agreed. Make checks payable to Community Bank of West Georgia and utilize the same payment address information.
Any pre-payment penalty will be waived as long as FDIC as Receiver for Community Bank of West Georgia has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for Community Bank of West Georgia will not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. You will be directed to the proper SBA contact to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you. You will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank at 1-770-456-9922, extension 129..
Each loan is currently being reviewed independently to determine the best action for that individual loan. Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
The FDIC will review offers made to purchase real property from the former Community Bank of West Georgia and will respond to the offers as soon as possible. The review process includes ordering a new appraisal, which could take up to 60 days or more.
The FDIC, as Receiver has hired Prescient, Inc., to handle the management and disposition of real property acquired from the Institution. If you have questions regarding the status of your offer please feel free to contact Prescient directly. Below is the contact information for Prescient:
Robert Snyder |
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
When a buyer cannot be found for a failed bank, the FDIC honors its obligation to insured depositors by mailing an insurance check.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
| Deposit Insurance | (www.fdic.gov/deposit/index.html) |
| Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
| EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
| FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 1-703-562-2200 Phone 1-703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
| David Barr 202-898-6992 dbarr@fdic.gov |
Please call the FDIC at 1-866-954-9530 to schedule an appointment to clear the contents of your safe deposit box. For customer convenience, In addition to scheduling a weekday appointment beginning June 29, 2009, you can call to schedule an appointment for Saturday, June 27th or Sunday, June 28th to come to the bank to retrieve the contents in your safe deposit box.
NOTE: In observance of the holiday, the bank’s lobby will be closed from Friday July 3rd through Sunday, July 5th. The bank’s
lobby will reopen for safe deposit box access on Monday, July 6th, 2009.
Please be advised if you do not clear your safe deposit box before August
31, 2009, the box will be drilled under dual control. The contents will be escheated
to your state as unclaimed property in accordance with state law. You will
receive a letter at the address listed on the bank’s records prior to
your box being drilled. Unclaimed property can be located by visiting www.missingmoney.com or
contacting your state treasurer’s office or office of unclaimed property.
The Community Bank of West Georgia had no publicly owned stock. Equity shareholders were invested in the holding company, Community Bancshares of West Georgia, Inc., Villa Rica, GA, and not in the bank. Please do not file a claim with the Receiver. Instead contact the holding company with any questions you may have:
|
Jeffrey W. Kelley, Esq. Troutman Sander, LLP 600 Peachtree Street, NE Suite 5200 Atlanta, GA 30308 404-885-3000 - Office 404—885-3383 – Direct 770-329-6509 - Mobile 404-962-6847 - Fax jeffreykelley@troutmansanders.com |
Please send your bills to the following address:
| FDIC as Receiver for Community Bank of West Georgia 1601 Bryan Street Dallas, TX 75201 |
Community Bank of West Georgia, Villa Rica, GA, was closed Friday, June 26, 2009, by the Georgia Department of Banking and Finance. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. Share price does not trigger a bank closing and was not the reason for this failure. According to regulatory policy, there is no advance notice given to the public. Please see the Georgia Department of Banking and Finance’s press release for more information.
The good news is that no one lost any insured deposits as a result of the closure of Community Bank of West Georgia. An assuming bank could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amount(s). These checks should be received within one week of the closing.
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
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Last Updated 06/29/2009 | Customer Service |
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