- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (1.55 MB PDF File - PDF Help)
- Bid Summary
- High Desert State Bank Contact Information
- Balance Sheet Summary
On Friday, June 25, 2010, High Desert State Bank, Albuquerque, NM, was closed by the New Mexico Financial Institutions Division, 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
The FDIC has issued a press release (PR-145-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.Back to top
All deposit accounts have been transferred to First American Bank, Artesia NM and will be available immediately. The former High Desert State Bank locations will reopen as branches of First American Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at First American Bank for six
months after the failure of High Desert State Bank. Checks
that were drawn on High Desert State 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 by calling 1-800-405-8124.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the 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 First American Bank as long as the deposits are not pledged as collateral for loans. You may view more information about First American Bank by visiting their web site.
First American Bank (www.1streadyonline.com)Back to top
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, June 25, 2010 will be paid at your same rate. First American Bank will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred 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
If you had a loan with High Desert State Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. 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 First American Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.Back to top
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 High Desert State Bank after Friday, June 25, 2010 and have not been paid, you do not have a claim against High Desert State Bank. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to High Desert State Bank prior to Friday, June 25, 2010 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 High Desert State Bank prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
Federal Deposit Insurance Corporation
Receiver: High Desert State 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 9/29/2010.Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
Dividend Information on Failed Financial Institutions
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.Back to top General Disclaimer
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