On December 18, 2009, New South Federal Savings Bank was closed by the Office of Thrift Supervision. The FDIC was named Receiver. Beal Bank, Plano, TX acquired all deposit accounts.
The FDIC as Receiver for New South Federal Savings Bank, Irondale, AL has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on November 17, 2022 and has made all dividend distributions required by law.
Effective April 1, 2023, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status: TERMINATED
Notice of Termination
Notice of Intent to Terminate
Dividend Information
Press Release
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to
obtain information from you.
ACQUIRING INSTITUTION: BEAL BANK
About Beal Bank
All deposit accounts were transferred to Beal Bank, Plano, TX ("assuming institution"). Former New South Federal Savings Bank locations reopened as branches of Beal Bank.
Your transferred deposits were separately insured from any accounts you may have already had at Beal Bank for at least six months after the failure of New South Federal Savings Bank.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Beal Bank as long as the deposits are not pledged as collateral for loans.
Contacting Beal Bank
You can contact Beal Bank:
Beal Bank
6000 Legacy Drive
Plano, TX 75024
Beal Bank (www.bealbank.com)
Transaction Documentation
Purchase & Assumption Agreement - PDF
Agreement between FDIC and acquiring institution
Bid Summary
Report on the bids to purchase the failed bank