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Account(s): What about my account with Colorado National Bank?
If you had an account with Colorado National Bank, you now have an account
with Herring Bank. All deposit accounts, which include Checking, Savings,
Money Market, CDs and Retirement accounts have been transferred to Herring
Amarillo, TX, regardless of the dollar amount. No one lost any money on
deposit in Colorado National Bank.
ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Colorado National 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 Herring 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 Herring 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.
Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Herring Bank will be reviewing rates and will notify you.
Loans/mortgages: What about my loan or mortgage with Colorado National Bank?
All mortgages and loans have been assumed by Herring 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 Colorado National 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 Colorado National 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, notes or subordinated notes that I own in Team Financial, Inc.?
There was no publicly owned stock in Colorado National Bank. If you are an equity shareholder, your shares are in BHC Team Financial, Inc., Paola, KS, the holding company for Colorado National Bank, and not the institution. Team Financial, Inc. Employees' Stock Ownership Plan and the interests of equity, debt holders or other creditors of Team Financial, Inc. Employees' Stock Ownership Plan are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact BHC Team Financial, Inc. directly for information:
On March 20, 2009, Colorado National Bank was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Herring Bank acquired the assets and most of the liabilities of Colorado National Bank from the FDIC as Receiver for Colorado National Bank. Any claims by equity holders were not acquired.
All claims against Colorado National Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:
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.
|Last Updated 08/17/2012||Customer Service|