Failed Bank Information
Information for Bank of Alamo, Alamo, TN
- Introduction
- Press Release
- Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On November 8, 2002, the FDIC Board of Directors issued an order authorizing the agency to place the Bank of Alamo in receivership by exercising its self-appointment powers granted by Congress in 1991. The FDIC closed The Bank of Alamo and took possession of the bank in its capacity as 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 has 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.
III. Insured Deposits
All account(s) at The Bank of Alamo, Alamo, TN have been closed as of November 8, 2002.
Because the FDIC was unable to arrange a transfer of the deposits of The Bank of Alamo, Alamo, TN to another financial institution, checks for the insured portion of deposit accounts were mailed to depositor addresses shown on the books and records of the failed institution.
IV. Priority of Claims
The dividend process is complete. In accordance with Federal Law, allowed claims are paid, after administrative expenses, in the following order:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
V. Dividend Information
VI. Receivership Termination
The FDIC, as Receiver for The Bank of Alamo has taken all actions necessary to terminate the Receivership Estate.
The Receiver published legal notice of intent to terminate the receivership in the Jackson Sun on January 20, 2005.
The Receiver has made all dividend distributions required by law.
Effective April 11, 2005, the Receivership Estate has been terminated, the Receiver discharged, and the Receivership Estate has ceased to exist as a legal entity.