Question and Answer Guide
Greater Atlantic Bank, Reston, VA
FDIC Call Center
Toll free number 1-800-830-6698
Hours of Operation – Eastern Time
Friday, December 4, 2009: Until 9:00 p.m.
Saturday, December 5, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, December 6, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
On December 4, 2009, Greater Atlantic Bank, Reston, VA, was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sonabank, McLean, VA acquired substantially all the deposits and assets of Greater Atlantic Bank from the FDIC as Receiver for Greater Atlantic Bank. Any claims by equity holders were not acquired.
The total balance in your account(s) has been transferred to Sonabank and will be available for transactions during regular business hours at the former Greater Atlantic Bank branches starting on Saturday, December 5, 2009.
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 Greater Atlantic Bank?
If you had an account with Greater Atlantic Bank, you now have an account with Sonabank, McLean, VA. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Sonabank regardless of the dollar amount. No one lost any money on deposit in Greater Atlantic Bank.
Customers of both banks should continue to use their existing branches until Sonabank can fully integrate the deposit records of Greater Atlantic Bank.
To forewarn you of any scams, please be advised that you will not receive any e-mail notification from the FDIC, the Receiver, or Sonabank to claim/unlock/unsuspend your account or to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Greater Atlantic Bank or the FDIC.
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Direct Deposits, including Social Security checks, will continue as normal.
The accounts transferred to Sonabank 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 on all deposits accrued through December 4, 2009, will be paid at your same rate. Sonabank will review rates and notify you if interest rates will change. Your interest rate may be reduced.
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.
All mortgages and loans have been assumed by Sonabank. 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 Greater Atlantic Bank and send your payments to the same address.
You should contact your loan officer. All prior contacts remain the same.
Please contact the Office of Public Affairs:
Your checks will clear up to the available balance in your account. You can continue to use your existing checks.
It is business as usual. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.
All shares of Greater Atlantic Bank were owned by its holding company, Greater Atlantic Financial Corp., Reston, VA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Greater Atlantic Financial Corp., please do not contact or file a claim with the Receiver. You may contact Greater Atlantic Financial Corp. directly for information as follows:
Greater Atlantic Financial Corp.
10700 Parkridge Blvd., Suite P50
Reston, VA 20191
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.
All claims against Greater Atlantic Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: Greater Atlantic Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
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/atlantic-va.html