Question and Answer Guide
American Sterling Bank, Sugar Creek, MO
FDIC Call Center
Toll free number 1-866-954-9528
Hours of Operation – Central Time
Friday, April 17, 2009: Until 9:00 p.m.
Saturday, April 18, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, April 19, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
On April 17, 2009, American Sterling Bank was closed by The Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Metcalf Bank acquired the assets and most of the liabilities of American Sterling Bank from the FDIC as Receiver for American Sterling Bank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for American Sterling Bank’s failure.
The following answers are provided to the most commonly asked questions by customers of the failed bank. The total balance in your account(s) has been transferred to Metcalf Bank, Lee’s Summit, Missouri and will be available for transactions during regular business hours at the former American Sterling Bank branches.
You may continue to use your same checks, ATM cards and debit cards until notified.
All direct deposits, including Social Security checks will continue as usual.
Account(s): What about my account with American Sterling?
If you had an account with American Sterling Bank, you now have an account with Metcalf Bank. All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirements accounts have been transferred to Metcalf Bank, Lee's Summit, Missouri regardless of the dollar amount. No one lost any money on deposit in American Sterling Bank.
Customers of both banks should continue to use their existing branches until Metcalf Bank can fully integrate the deposit records of American Sterling Bank.
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 scams to obtain information from you.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with American Sterling Bank?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits will continue as normal, including Social Security checks.
Existing Deposits at Metcalf Bank: I already have other deposit accounts with the new bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
The accounts transferred to Metcalf Bank will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Metcalf Bank will be reviewing rates and will notify you.
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
Loans/mortgages: What about my loan or mortgage with American Sterling Bank?
All mortgages and loans have been assumed by Metcalf Bank. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to American Sterling Bank and send your payments to the same address.
Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?
You should contact your loan officer. All prior contacts remain the same.
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
Outstanding Checks: What about checks that I have written on my account with American Sterling Bank?
Your checks will clear up to the available balance in your account. You can continue to use your existing checks.
Safe Deposit Boxes: How can I claim the contents of my safe deposit box?
It is business as usual. You can go to your local branch and access your safe deposit box. No action on your part is required because of this transaction.
Shareholders: What about my shares of stock, notes or subordinated notes that I own in American Sterling Corporation?
There was no publicly owned stock in American Sterling Bank. If you are an equity shareholder, your shares are in American Sterling Corporation, Foothill Ranch, California, the holding company for American Sterling Bank and not the institution itself. American Sterling Corporation and the interests of equity, debt holders or other creditors of American Sterling Corporation are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact American Sterling Corporation directly for information:
American Sterling Corporation
27422 Portola Parkway
Foothill Ranch, California 92610
On April 17, 2009, American Sterling Bank was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Metcalf Bank acquired the assets and most of the liabilities of American Sterling Bank from the FDIC as Receiver. Any claims by equity holders were not acquired.
All claims against American Sterling Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
FDIC as Receiver of American Sterling Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
Transaction Types: Why do all deposits, insured and uninsured, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/amsterling.html