FDIC Call Center
Toll free number 1-800-830-4698
Hours of Operation – Mountain Time
Friday, March 20, 2009:
Until 9:00 p.m.
Saturday, March 21, 2009:
a.m. – 6:00
Sunday, March 22, 2009:
Noon – 6:00
8:00 a.m. – 8:00
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 Herring Bank,
Amarillo, TX and will be available for transactions during regular business
hours at the former Colorado National Bank branches.
You may continue to use your same checks,
cards and debit cards until notified.
All direct deposits, including social security checks will continue as
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. Share
price does not trigger a bank closing and was not the reason for Colorado National
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.
Customers of both banks should continue to use their existing branches until Herring Bank can fully integrate the deposit records of Colorado National 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.
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.
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?
Herring 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.
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.
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:
BHC Team Financial, Inc.
PO Box 402
Paola, KS 66071
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:
FDIC as Receiver of Colorado National Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
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.