The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue
to use the services to which you previously had access, such as 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 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 30,
2010 will be paid at your same rate. Oriental Bank and Trust will
be reviewing rates. 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
Determination of Insufficient Assets To
Satisfy Claims Against Financial
Institution in Receivership
SUMMARY: The FDIC has determined that
insufficient assets exist in the
receivership of Eurobank, San Juan,
Puerto Rico, to make any distribution on
general unsecured claims, and therefore
such claims will recover nothing and
have no value.
DATES: The FDIC made its determination
on August 2, 2011.
you have questions regarding this
notice, you may contact an FDIC Claims
Agent at (904) 256–3925. Written
correspondence may also be mailed to:
Receiver for Eurobank
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
SUPPLEMENTARY INFORMATION: On April
30, 2010, Eurobank, San Juan, Puerto
Rico, (FIN #10229) was closed by the
Office of the Commissioner of Financial
Institutions of the Commonwealth of
Puerto Rico (''OCFI''), and the Federal
Deposit Insurance Corporation (''FDIC'')
was appointed as its receiver
(''Receiver''). In complying with its
statutory duty to resolve the institution
in the method that is least costly to the
deposit insurance fund, see 12 U.S.C.
1823(c)(4), the FDIC facilitated a
transaction with Oriental Bank and
Trust, San Juan, Puerto Rico, to acquire
the deposits and most of the assets of
the failed institution.
Section 11(d)(11)(A) of the FDI Act,
12 U.S.C. 1821(d)(11)(A), sets forth the
order of priority for distribution of
amounts realized from the liquidation or
other resolution of an insured
depository institution to pay claims.
Under the statutory order of priority,
administrative expenses and deposit
liabilities must be paid in full before
any distribution may be made to general
unsecured creditors or any lower
As of May 31, 2011, the value of
assets available for distribution by the
Receiver, together with anticipated
recoveries on claims against directors,
officers, and other professionals was
$742,676,348. As of the same date,
administrative expenses and depositor
liabilities equaled $1,466,183,675,
exceeding available assets and potential
recoveries by $723,507,327.
Accordingly, the FDIC has determined
that insufficient assets exist to make any
distribution on general unsecured
creditor claims (and any lower priority
claims) and therefore all such claims,
asserted or unasserted, will recover
nothing and have no value.
Dated August 11, 2011
Federal Register /Vol. 76, No. 158 /Tuesday, August 16, 2011 /Notices Pg. 50733
FAQ For "No Value" Determination