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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information for Resolute Bank, Maumee, OH

On Friday, October 25, 2019, Resolute Bank was closed by the Office of the Comptroller of the Currency. The FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. Buckeye State Bank, Powell, OH acquired all deposit accounts and essentially all the assets.

At a Glance

FAQs - PDF

Responses to common questions

Press Release

Official press release

Balance Sheet

Available at quarter end

Dividend Information

None paid to date

cautionBeware of scams!

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

If you had a deposit account:

The full balance of all deposit accounts has been transferred to Buckeye State Bank.

You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.

If you had a loan:

You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.

If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.

If your loan is currently in process or you had a line of credit, contact your loan officer.

If you are owed money for a service or product provided:

You may be eligible to file a claim against Resolute Bank.

If you have not been paid for services rendered prior to October 25, 2019, please refer to the Filing Claims section below.

caution

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

ACQUIRING INSTITUTION: BUCKEYE STATE BANK

About Buckeye State Bank

All deposit accounts, including brokered deposits, have been transferred to Buckeye State Bank, Powell, OH ("assuming institution") and will be available immediately. The former Resolute Bank locations will reopen as branches of Buckeye State Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Buckeye State Bank for at least six months after the failure of Resolute Bank. Checks that were drawn on Resolute Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.

All interest accrued through Friday, October 25, 2019 will be paid at your same rate. Buckeye State Bank will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Buckeye State Bank as long as the deposits are not pledged as collateral for loans.

Contacting Buckeye State Bank

You can contact Buckeye State Bank:

Buckeye State Bank
9494 Wedgewood Boulevard
Powell, OH 43065

Buckeye State Bank (www.joinbsb.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Brokered Accounts

As an All Deposits transaction, the total of all deposit accounts, including brokered deposits, has been assumed by Buckeye State Bank.

Deposit Broker's Processing Guide

BANKING SERVICES

Automatic Payments/Bill Pay/Online Banking

These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Buckeye State Bank.

ATM and Debit Cards

Your ATM/Debit card will continue to work as usual.

Checks

Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). Buckeye State Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.

Direct Deposit

All direct deposits, for example, social security checks, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.

Overdraft Lines of Credit

These lines have been transferred to Buckeye State Bank. Please contact Buckeye State Bank if you have additional questions regarding your accounts.

Safe Deposit Boxes

You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by Buckeye State Bank.

Tax Reporting - 1098 and/or 1099

Buckeye State Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

FILING CLAIMS

Creditors

If you or your company provided a service or product, leased space, furniture, or equipment to Resolute Bank prior to October 25, 2019 and have not been paid, you may have a claim against Resolute Bank.

All creditors having claims against Resolute Bank must submit their claims to the Receiver online or by mail:

Email:

NonDepClaimsDal@FDIC.gov

Mail:

FDIC as Receiver for Resolute Bank
Attention: Claims Agent
1601 Bryan Street
Dallas, TX 75201

Please note: There are time limits for filing a claim. Your claim must be filed on or before (the "Claims Bar Date").

Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

FOR STOCKHOLDERS OF PRINCAP HOLDINGS ONE, LLC

Stockholders

All shares of Resolute Bank are owned by its holding company, Princap Holdings One, LLC, Ewing, NJ. The holding company was not included in the closing of the bank or resulting receivership.

Contacting the Holding Company

If you are a stockholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:

Princap Holdings One, LLC
820 Bear Tavern Road, Suite 303
Ewing, NJ 08628

CONTACT INFORMATION

Questions About This Closing

Contact the FDIC Customer Service Department at (888) 206-4662.

Hours of Operation - Eastern Time
Monday - Friday (excluding federal holidays): 9:00 AM - 5:00 PM
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