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 Phishing Scams to obtain information from you.
On Friday, March 5, 2010, Waterfield Bank, Germantown, MD was
closed by the Office of Thrift Supervision, and the
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.
The FDIC has issued a press release (PR-045-2010) 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.
This link will allow you to verify the insurance status of each of your accounts. This link will be available
for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account
is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides
you contact information.
To protect the insured depositors, the FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions.
For the Waterfield Bank deposit accounts that were placed at
Waterfield Bank, insurance checks for their certificates of deposit
and individual retirement accounts will be mailed on Monday, March 8,
2010, to addresses on record with Waterfield Bank.
For the Waterfield Bank deposit accounts that were placed at a
Participating Bank, receivership distribution checks for their certificates
of deposit and individual retirement account balances will be mailed on
Monday,
March 8, 2010, to addresses on record with Waterfield Bank.
Principal and interest on insured accounts, through Friday, March
5, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $250,000
limit. IRA funds are insured separately from other types of accounts,
up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit
and/or all interest bearing accounts that appear to be related and exceed
this limit are reviewed
by
the FDIC
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits, you should call the FDIC Call Center
to
arrange for a telephone interview with a Claims Agent at 1-800-830-4735.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
FDIC Call Center
Toll free number 1-800-830-4735
Hours of Operation – Eastern Time
Friday,
March 5, 2010:
Until
Midnight
Saturday, March 6, 2010:
9:00 a.m. - 9:00 p.m.
Sunday,
March 7, 2010:
Noon - 9:00 p.m.
Thereafter Week Days:
8:00 a.m. - 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of Waterfield Bank. This means that
you may eventually recover some of your uninsured funds.
Your CD(s) will automatically be closed,
and you will receive a check up to the insured amount from the FDIC. You
will not be assessed an early withdrawal penalty. A
hold may be in place on deposit accounts due to delinquent loans where the
depositor is the borrower or guarantor. Additionally, any account pledged
as collateral for a loan will be held.
The ATM will not be available for
a short period of time on Friday for processing. However, it will be operational
shortly thereafter and available as usual until March 31 2010.
Online
services will be in a read-only mode until Monday, March 8, 2010. Billpay
will be available until April 1, 2010.
Your checks will be processed as usual through April 5, 2010. All
outstanding checks that clear prior to April 5, 2010 will be
paid against your available insured balance(s)
as if no change had occurred. 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, March 5, 2010,
will be paid at your same rate.
Automatic direct
deposit(s) will continue until close of business April 2, 2010.
If you had a loan with Waterfield 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.
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 Waterfield Bank after
Friday, March 5, 2010 and have
not been paid, you do not have
a claim against Waterfield 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 Waterfield Bank prior
to Friday, March 5, 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 Waterfield 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: Waterfield Bank
40 Pacifica, Suite 1000
Irvine, CA 92618
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 6/10/2010.
The Waterfield Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Affinity Financial Corporation, Irvine, California, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:
Affinity Financial Corporation
18881 Von Karman Avenue, Suite 17000
Irvine, CA 92612
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.
