Question and Answer Guide
Bradford Bank, Baltimore, MD
FDIC Call Center
Toll free number 1-800-640-2693
Hours of Operation – Eastern Time
Friday, August, 28, 2009: Until 9:00 p.m.
Saturday, August 29, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, August 30, 2009: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
On August 28, 2009, Bradford Bank, Baltimore, MD, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Manufacturers and Traders Trust Company (M&T Bank), Buffalo, NY acquired substantially all the deposits and assets of Bradford Bank from the FDIC as Receiver for Bradford Bank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for Bradford Banks failure.
The total balance in your account(s) has been transferred to M&T Bank and will be available for transactions during regular business hours at the former Bradford Bank branches starting on Saturday, August 29, 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 Bradford Bank?
If you had an account with Bradford Bank, you now have an account with M&T Bank, Buffalo, NY. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to M&T Bank, regardless of the dollar amount. No one lost any money on deposit in Bradford Bank.
Customers of both banks should continue to use their existing branches until M&T Bank can fully integrate the deposit records of Bradford 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 M&T Bank 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 Bradford Bank or the FDIC.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Bradford Bank?
Your ATM/debit card will continue to work, and bill paying will work as it has in the past.
Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of all deposit accounts, including any brokered deposits, have been assumed by M&T Bank. Be advised, however, that from and after the date of closing, M&T Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, M&T Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.
If you are a customer who has a Bradford Bank deposit through a broker, you must contact your broker with any questions.
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at M&T 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 M&T 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?
Interest on all deposits accrued through Friday, August 28, 2009, will be paid at your same rate. M&T Bank will review rates and notify you if interest rates will change.
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 Bradford Bank?
All mortgages and loans have been assumed by M&T 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 Bradford 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 Bradford 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; however, no action on your part is required because of this transaction.
Shareholders: What about my shares of stock?
All shares of Bradford Bank were owned by its holding company. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the Receiver. You may contact the holding company directly for information at:
6900 York Road
Baltimore, MD 21212
Transaction Types: Why do all deposits, insured or not, 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.
Unpaid Bills: I did some work for the bank and have not been paid. What should I do?
All claims against Bradford Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
FDIC as Receiver for Bradford Bank
1601 Bryan Street
Dallas, TX 75201
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/bradford-md.html