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Failed Bank Information
Information for Great Basin Bank of Nevada, Elko, NV
  1. Introduction
  2. Press Release
  3. Unclaimed Deposits
  4. Acquiring Financial Institution
  5. Question and Answer Guide
         En Espaņol
  6. Banking Services
  7. Loan Customers
  8. Possible Claims Against the Failed Institution
  9. Priority of Claims
  10. Dividend Information
  11. Brokered Deposits
  12. Purchase and Assumption Agreement (6.7 MB PDF File - PDF Help)
  13. Great Basin Bank of Nevada Contact Information
  14. Balance Sheet Summary
I.  Introduction
On April 17, 2009, Great Basin Bank of Nevada, Elko, NV was closed by the State of Nevada Division of Financial Institutions 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 (PR-055-2009) 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.

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III.  Unclaimed Deposits

After Great Basin Bank failed, your deposits were transferred to Nevada State Bank as part of the agreement with the FDIC to assume the assets and liabilities of Great Basin Bank. Pursuant to federal law, 12 USC 1822(e), you were notified regarding this transfer and instructed to claim your deposit within 18 months of the Great Basin Bank failure. After the statutory 18 month period has expired, in order to comply with federal law, Nevada State Bank must refund your unclaimed deposits, to the FDIC.

Nevada State Bank is in the process of transferring these unclaimed deposits to the FDIC. The FDIC ultimately transfers custody of these funds to the State or Territory of the depositor's last known address which displayed on the failed institution's records.

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IV.  Acquiring Financial Institution
All deposit accounts have been transferred to Nevada State Bank, Las Vegas, NV ("assuming institution") and will be available immediately.  On Monday, April 20, 2009, the former Great Basin Bank of Nevada locations will reopen as branches of Nevada State Bank.

Your transferred deposits will be separately insured from any accounts you may already have at Nevada State Bank for six months after the failure of Great Basin Bank of Nevada. Checks that were drawn on Great Basin Bank of Nevada 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: 1-866-782-1969.

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

Nevada State Bank (www.nsbank.com)

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VI.  Banking Services
The Automated Teller Machines (ATM) and online service will remain available.

As of Monday, April 20, 2009, 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 17, 2009, will be paid at your same rate.  Nevada State 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.

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VII.  Loan Customers
If you had a loan with Great Basin 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 Nevada State Bank, please contact your branch office.

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

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VIII.  Possible Claims Against the Failed Institution

If you or your company provided a service or product, leased space, furniture, or equipment to Great Basin Bank of Nevada after Friday, April 17, 2009 and have not been paid you do not have a claim against Great Basin Bank of Nevada. 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 Great Basin Bank of Nevada 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 Great Basin Bank of Nevada 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: Great Basin Bank
1601 N. Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

Please note:  There are time limits for filing a claim, your claim must be filed on or before 07/21/2009.

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IX.  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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X.  Dividend Information
 
Dividend History on Great Basin Bank of Nevada

Dividend Information on Failed Financial Institutions
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XI.  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 08/17/2012 cservicefdicdal@fdic.gov