Failed Bank Information
Information for Home Savings of America, Little Falls, MN
- Press Release
- Is My Account Fully Insured
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet Summary
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 Phishing Scams to obtain information from you.
On Friday, February 24, 2012, Home Savings of America, Little Falls, MN was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-022-2012) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.
III. Is My Account Fully Insured
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.
IV. Acquiring Financial Institution
An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.
Principal and interest on insured accounts, through Friday, February 24, 2012, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-523-8089. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
FDIC Call Center
Toll free number 1-800-523-8089
Hours of Operation – Pacific Time
Friday, February 24, 2012: Until 9:00 p.m.
Saturday, February 25, 2012: 9:00 a.m. – 6:00 p.m.>
Sunday, February 26, 2012: Noon – 6:00 p.m.
Monday, February 27, 2012: 8:00 a.m. – 8:00 p.m.
Thereafter: 9:00 a.m. – 5:00 p.m.
VI. Banking Services
On Friday, February 24, 2012, all accounts have been closed and you will receive a check up to your insured amount and a final statement from the FDIC. The online banking access is in read-only mode. Please note you will need to click continue to proceed past the FDIC announcement to access your online banking.
VII. Loan Customers
If you had a loan with Home Savings of America, continue to make your payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to Home Savings of America.
VIII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Home Savings of America after Friday, February 24, 2012 and have not been paid, you do not have a claim against Home Savings of America. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Home Savings of America prior to Friday, February 24, 2012 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Home Savings of America prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
FDIC as Receiver for Home Savings of America
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 05/31/2012.
Home Savings of America had no publicly owned stock. Equity shareholders were invested in the holding company, Home Savings Bancorp, Little Falls, MN, and not in the bank. Please do not file a claim with the Receiver, instead contact the holding company's registered agent with any questions you may have:
Home Savings Bancorp
35 East Broadway
Little Falls, MN 56345
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
X. Dividend Information
XI. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.