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All deposit accounts, which include Checking, Savings, Money Market, CDs
and Retirement accounts have been transferred to Bank of Essex,
Tappahannock, VA, regardless of the dollar amount. No
one lost any money on deposit in Suburban Federal Savings Bank.
If you had an account with Suburban Federal Savings Bank, you now have an account with Bank of Essex.
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
As an All-Deposit Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by the Bank of Essex.
Direct Deposits will continue as normal, including Social Security checks.
The accounts transferred to Bank of Essex will be separately
insured for at least six months after the merger. This grace period gives
a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the
six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar
amount (either with or without accrued interest) continue to be separately insured until the first maturity
date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Bank of Essex will be reviewing rates and will notify you.
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter
into a new deposit agreement with your new bank. Entering into a new deposit agreement can be
done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
All mortgages and loans have been assumed by Bank of Essex. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to Suburban Federal Savings Bank and send your payments to the same address.
You should contact your loan officer. All prior contacts remain the same.
Please contact the Office of Public Affairs:
| David Barr 202-898-6992 dbarr@fdic.gov |
Your checks will clear up to the available balance in your account. You can continue to use your existing checks.
It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.
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 has been able to transfer all deposits in about 25% of the failures over the past 15 years.
| Last Updated 02/09/2009 | Customer Service |
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