Question and Answer Guide
ShoreBank, Chicago, IL
The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.
On Friday, August 20, 2010, ShoreBank, Chicago, Illinois was closed by the The Illinois Department of Financial & Professional Regulation. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Urban Partnership Bank, Chicago, Illinois acquired almost all the deposits and assets of ShoreBank from the FDIC as Receiver. Share price does not trigger a bank closing and was not the reason for ShoreBank’s failure. All shares of stock were owned by the holding company, which was not involved in this transaction.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this institution.
ACCESS TO YOUR MONEY: The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches. You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual.
DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, public assistance and/or disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILLPAY: These services will continue as usual.
INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the acquiring institution and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you renew your Certificate of Deposit.
BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, excluding the Cede & Co deposits were transferred to Urban Partnership Bank. If you are a customer who has a ShoreBank deposit through a broker, you must contact your broker with any questions.
SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to the assuming bank. Please contact the new bank if you have additional questions regarding your accounts.
LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the old institution.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, notify your loan officer immediately.
LOANS IN PROCESS: Please contact your current loan officer directly.
SHARES OF STOCK: All shares of stock were owned by the holding company, ShoreBank Corporation, Chicago, IL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of ShoreBank Corporation, please do not contact or file a claim with the Receiver. You may contact the holding company directly for more information:
7054 S. Jeffrey Boulevard
Chicago, IL 60649
CLAIMS: Please send claims for unpaid bills to the following address:
FDIC as Receiver for ShoreBank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
ADDITIONAL QUESTIONS: You can either talk directly with FDIC representatives at the Call Center or submit questions directly to the link below:
FDIC Call Center
Toll free number 1-800-523-8503
Hours of Operation – Central Time
Friday, August 20, 2010: Until 9:00 p.m.
Saturday, August 21, 2010: 9:00 a.m. – 6:00 p.m.
Sunday, August 22, 2010: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/shorebank.html