On January 25, 2008, Douglass National Bank,
Kansas City, MO was
closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was
named Receiver. No advance notice is given to the public when a financial institution is
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 help answer many of your
The FDIC has issued a press
about the institutionís closure. If you represent a media outlet and
would like information about the closure, please contact
David Barr at 202-898-6992.
All deposit accounts have been transferred
to Liberty Bank and Trust Company, New Orleans, LA ("assuming
institution") and will be available as usual. Office hours will
resume Monday January 28, 2008 at
Douglass National Bank.
These transferred deposits will be separately
insured from any accounts you may already have at
Liberty Bank and Trust Company
for six months after the failure of
Douglass National Bank. Checks that were drawn on
Douglass National Bank that did not clear before the institution closed will
be honored as long as there are sufficient funds in the account. You may speak to an FDIC representative regarding deposit
insurance by calling 1-877-ASK-FDIC (1-877-275-3342) or
visit EDIE the FDIC's Electronic Deposit Insurance
You may withdraw your funds from any transferred account without an
early withdrawal penalty until you enter into a new deposit agreement
with Liberty Bank and Trust Company (as
long as the deposits are not pledged as collateral for loans.)
You may view more information about
Liberty Bank and Trust Company by visiting their
You may continue to use the services to which
you previously had access, such as automatic teller machines, safe deposit boxes, night
deposit boxes, wire services, etc.
Your checks will be processed as usual. All
outstanding checks will be paid against your available insured balance(s) as if no change
had occurred. Liberty Bank and Trust Company will contact you soon regarding any changes in the
terms of your account. If you have a problem with a merchant refusing to accept your
check, please contact Liberty Bank and Trust Company, Customer Service Department, at
1-913-321-7200. An account representative will clear up any confusion about the
validity of your checks.
After January 25, 2008, your account will earn
interest at a rate determined by
Liberty Bank and Trust Company. You will be notified by letter
regarding this matter.
Your automatic direct deposit(s) and/or
automatic withdrawal(s) should be transferred automatically to your assuming institution.
You should contact your assuming institution, however, to discuss your account(s) and to
insure that service is not delayed or discontinued.
All your deposit account histories and records will be transferred to
your assuming institution. If your assuming institution requires any
additional signatures or forms, it will notify you. If you have any
questions or special requests, you may contact a representative of your
assuming institution at 1-913-321-7200.
If you had a loan with Douglass National 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 your promissory note with the failed institution. Checks should be made to your former bank and sent to the same
address until further notice.
Claims against failed financial institutions
occur when bills sent to the institution remain unpaid at the time of failure. Shortly
after the failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process.
Please note: there are time limits for
filing a claim, as specified in the notice.
If you provided a service for Douglass National Bank and have not
received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: Douglass National Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201