Failed Bank Information
Information for New Century Bank, Shelby Township, MI
- Press Release
- Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
On March 28, 2002, New Century Bank, Shelby Township, MI was closed by the Michigan Commissioner of the Office of Financial and Insurance Services, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the Receivership Estate is deemed terminated.
II. Press Release
The FDIC issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.
III. Insured Deposits
All accounts at New Century Bank were closed as of March 28, 2002.
Because the FDIC was unable to arrange a transfer of the deposits of New Century Bank to another financial institution, checks for the insured portion of deposit accounts were mailed to depositor addresses shown on the books and records of the failed institution.
IV. Priority of Claims
The dividend process is complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
V. Dividend Information
VI. Receivership Termination
The FDIC, as Receiver for New Century Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Detroit Free Press on February 15, 2005.
The Receiver has made all dividend distributions required by law.
Effective March 25, 2005, the Receivership Estate has been terminated, the Receiver discharged, and the Receivership Estate ceased existence as a legal entity.