Failed Bank Information
Information for AmTrade International Bank of Georgia, Atlanta, GA
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On September 30, 2002, AmTrade International Bank of Georgia was closed by the Georgia Department of Banking and Financeand the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.
II. Press Release
The FDIC issued a press release about the institution’s closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.
Spanish Version of Press Release
III. Acquiring Financial Institution
The FDIC was unable to arrange a transfer of the deposits of AmTrade International Bank of Georgia to another financial institution. A check for the insured portion of depositor's account(s) was mailed to the last address shown on the books and records of the failed institution. NOTE: Checks were not mailed on deposits securing loans or the deposits of certain customers with liabilities to the institution.
IV. Priority of Claims
The Receiver has made all dividend distributions required by law. The dividend process is complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
V. Dividend Information
Dividend Information on Failed Financial Institutions
VI. Receivership Termination
The FDIC, as Receiver for AmTrade International Bank of Georgia has taken all actions necessary to terminate the Receivership Estate.
The Receiver published legal notice of intent to terminate the receivership in the Miami Herald, Miami, FL on May 12, 2005.
Effective March 24, 2006, the Receivership Estate has been terminated, the Receiver discharged, and the Receivership Estate has ceased to exist as a legal entity.