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Failed Bank Information
Question and Answer Guide for Great Basin Bank of Nevada, Elko, NV
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FDIC Call Center
Toll free number 1-866-782-1969
Hours of Operation – Pacific Time
Friday, April 17, 2009:   Until 9:00 p.m.
Saturday, April 18, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, April 19, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.

On April 17, 2009, Great Basin Bank of Nevada, Elko, NV was closed by the State of Nevada Division of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Nevada State Bank, Las Vegas, NV acquired the assets and most of the liabilities of Great Basin Bank of Nevada from the FDIC as Receiver for Great Basin Bank of Nevada. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for Great Basin Bank of Nevada's failure.

The total balance in your account(s) has been transferred to Nevada State Bank and will be available for transactions starting on Monday, April 20, 2009 during regular business hours at the former Great Basin Bank of Nevada branches.

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 Great Basin Bank of Nevada?

If you had an account with Great Basin Bank of Nevada, you now have an account with Nevada State Bank, Las Vegas, NV. All deposit accounts, which include Checking, Savings, Money Market, CDs and Individual Retirement Accounts (IRAs), have been transferred to Nevada State Bank, regardless of the dollar amount. No one lost any money on deposit in Great Basin Bank of Nevada.

Customers of both banks should continue to use their existing branches until Nevada State Bank can fully integrate the deposit records of Great Basin Bank of Nevada.

Please be advised you will not receive any email or phone notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with Great Basin Bank of Nevada?

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 need to do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by Nevada State Bank.

Be advised, however, that from and after the date of closing, Nevada State Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, Nevada State Bank shall permit depositors, including brokered depositors, impacted by reduced rates to withdraw their deposits without penalty for early withdrawal.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits will continue as normal, including Social Security checks.

Existing Deposits at Nevada State 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 Nevada State 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?

Nevada State 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.

Loans/mortgages: What about my loan or mortgage with Great Basin Bank of Nevada?

All mortgages and loans have been assumed by Nevada State 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 Great Basin Bank of Nevada 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:

LaJuan Williams-Young
LWilliams-Young@fdic.gov
202-898-3876

Outstanding Checks: What about checks that I have written on my account with Great Basin Bank of Nevada?

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?

There was no publicly owned stock in Great Basin Bank of Nevada. If you are an equity shareholder, your shares are in Great Basin Financial Corporation, Elko, Nevada, the holding company for Great Basin Bank of Nevada, and not the institution. Great Basin Financial Corporation and the interests of equity, debt holders or other creditors of Great Basin Financial Corporation are not included in the closure or receivership of the institution. Please do not file a claim with the Receiver, rather contact Great Basin Financial Corporation directly for information:

Great Basin Financial Corporation
487 Railroad Street
Elko, NV 89801-3717



Any claims by equity holders were not acquired.

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.

All claims against Great Basin Bank of Nevada, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

 

FDIC as Receiver of Great Basin Bank of Nevada 1601 N. Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent




Last Updated 08/17/2012 Customer Service