Deposits Existing at Assuming Bank:
I already have other deposit accounts with the new bank. When combined with the balances at this
bank, my deposits exceed $100,000. Are all of my funds at both banks insured?
All deposit accounts have been transferred to Liberty Bank
and Trust, a minority depository institution based in New Orleans, LA, now
with the newly acquired branches of Douglass National Bank in Kansas and
Missouri. The bank will reopen on Monday, January 28.
As of Friday, January 25, 2008, Douglass National Bank,
Kansas City, MO was closed
Office of the Comptroller of the Currency (OCC) the Federal
Deposit Insurance Corporation (FDIC) was appointed Receiver. According to regulatory policy,
there is no advance notice given to the public. The good news is that no
depositor lost any money as a result of the closure of Douglass
All deposits have been transferred to Liberty Bank and
Trust, and it will be business as usual. If you held an account
at Douglass National Bank, you now have an account at Liberty Bank and Trust. You will be notified
of any changes to your account, including any new signature cards or forms, by
Liberty Bank and Trust.
A deposit insurance payment of funds has already been transferred to
Liberty Bank and Trust. Please be advised that if there is no activity in
your account in the next 18 months, that money could be returned to the
FDIC and eventually escheated to your state.
You will be able to continue using your personal checks at this time
and your ATM/Debit card will continue to work. You will receive a mailed notice from
Liberty Bank and Trust in the next week regarding your transferred accounts. You may receive new checks and new account numbers in the future,
and Liberty Bank and Trust will notify you of changes in the future.
All deposit account histories and records are in the process of being passed to
Liberty Bank and Trust. Please contact a representative of Liberty Bank
and Trust Customer Service at
913-321-7200 to obtain a copy of any records you may need.
You should continue to make your payments according to the
terms of your note. 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
Checks should be sent to the same address until further notice. You will be notified by mail
of any changes. All loans have transferred to Liberty Bank and Trust.
The accounts transferred to Liberty Bank and Trust will be separately insured for six months after the failure of
Douglass National Bank.
For additional information about deposit insurance rules, you may contact the
FDIC Call Center
at 1-877-ASK-FDIC (1-877-275-3342) or
please go to Are My Deposits Insured.
A copy of this document or the press release PR-7-2008
can be provided as it states deposits have been transferred, and it is
business as usual. Copies of this press release will be available at the bank.
Depositors or merchants call also call 913-321-7200
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, provided the deposits are not pledged as collateral for loans.