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Home > Industry Analysis > Failed Banks > Failed Bank Information | |
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The total balance in your account(s) has been transferred to Great Southern Bank, Springfield Missouri, and will be available for transactions during regular business hours at the former TeamBank N.A. branches.
You May Continue to use your same check, ATM cards and debit cards
until notified.
All direct deposits, including social security checks will continue as usual.
On Friday March 20, 2009, TeamBank N.A. was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Great Southern Bank, Springfield Missouri, acquired the assets and most of the liabilities of TeamBank N.A. from the FDIC as Receiver for TeamBank N.A. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for TeamBank N.A.’s failure.
All deposit accounts, which include Checking, Savings, Money Market, CDs
and Retirement accounts have been transferred to Great Southern Bank, Springfield,
Missouri, regardless of the dollar amount. No one lost any money on deposit
in TeamBank, N.A.
If you had an account with TeamBank, N.A., you now have an account with Great
Southern Bank.
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.
All deposits comprised of principal and interest through the date of bank failure, EXCLUDING deposits in the name of CEDE & CO, will be funded by the FDIC and transferred to the assuming bank. Funds representing principal and interest through the date of bank failure for the CEDE & CO brokered CDs will be paid directly by the FDIC. DTC Participant holders will not need to submit paperwork to claim funds. For additional recorded guidance relative to broker processing you may call 1-877-872-1685.
Direct Deposits will continue as normal, including Social Security checks.
The accounts transferred to Great Southern Bank 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.
Great Southern Bank 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 Great Southern Bank. 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 TeamBank, N.A. 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.
On March 20, 2009, TeamBank, N.A. was closed by the Office of the Comptroller
of the Currency. The Federal Deposit Insurance Corporation (FDIC)
was then named Receiver. Subsequent to the closure, Great Southern
Bank acquired
the assets and most of the liabilities of TeamBank, N.A. from the
FDIC as Receiver for TeamBank, N.A. Any claims by equity holders
were not acquired.
There was no publicly owned stock in TeamBank, N.A. If you are an equity shareholder,
your shares are in BHC Team Financial, Inc., Paola, Kansas, the holding company
for TeamBank, N.A., and not the institution. BHC Team Financial, Inc. and the
interests of equity, debt holders or other creditors of BHC Team Financial, Inc.
are not included in the closure or receivership of the institution. Please do
not file a claim with the Receiver rather, contact BHC Team Financial, Inc. directly
for information:
| BHC Team Financial, Inc. Paola, Kansas 66071 |
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FDIC as Receiver of TeamBank, N.A. 1601 Bryan Street Dallas, TX 75201 Attention: Claim Agent |
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.
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Last Updated 03/20/2009 | Customer Service |
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