What about my account with Home Federal Savings Bank?
If you had an account with Home Federal Savings Bank, you now have an account
with Liberty Bank and Trust Company, New Orleans, LA. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to Liberty Bank and Trust Company, regardless of the dollar amount. No one
lost any money
on deposit in Home Federal Savings Bank.
Customers of both banks should continue to use their existing branches until
Liberty Bank and Trust Company can fully integrate the deposit records of Home Federal
To forewarn you of any scams, please be advised that you will not receive
any e-mail notification from the FDIC, the Receiver, or Liberty Bank and Trust
claim/unlock/unsuspend your account or to provide any private information.
be watchful for and resist any scams to obtain information from you by individuals
or entities purporting to act on behalf of Home Federal Savings Bank or the
Direct Deposits - Government Deposits:
What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
Existing Deposits at Liberty Bank and Trust Company:
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 Liberty Bank and Trust Company will be separately
insured for at least six months after the
acquisition. 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, November 6, 2009,
will be paid at your same rate. Liberty Bank and Trust Company will review
rates and notify you if interest rates will change. Your interest rate may be reduced.
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
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Home Federal Savings Bank?
All mortgages and loans have been assumed by Liberty Bank and
Trust Company. 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 Home Federal
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:
What about checks that I have written on my account with Home Federal
Your checks will clear up to the available balance in your account. You can
continue to use your existing checks.
What about my shares of stock?
Shareholders have a claim against the receivership; however,
they have the lowest priority of claim. You should discuss this
with an accountant and/or the IRS concerning the exact
requirements necessary to recognize the investment as a loss for
tax purposes. The FDIC does not require stockholders to file a
claim with the Receiver. However, we recommend that you keep our
office informed of any address change, should we need to contact
you in the future.
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 had
been for the FDIC to transfer only the
insured deposits in a Purchase and Assumption transaction;
however, the temporary increase in the deposit insurance limit
has assisted in the transfer of all deposits more often in the
I did some work for the bank and have not been paid. What should I do?
All claims against Home Federal Savings Bank, together with proof of the claims, must
be submitted in writing to the Receiver at the following address:
|Federal Deposit Insurance Corporation
Receiver: Home Federal Savings Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent