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Failed Bank Information
Superior Bank, FSB, Hinsdale, IL, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Receivership Termination
I.  Introduction
On July 27, 2001, Superior Bank, FSB of Hinsdale, IL was closed by Office of Thrift Supervision (OTS) 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 is deemed terminated.

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II.  Press Release

The FDIC has issued a press release about the institutionís 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.

Press Release-52-2001
Press Release-78-2001
Press Release-21-2002

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III.  Acquiring Financial Institution

On July 27, 2001, all insured deposit accounts were transferred to Superior Federal, FSB (New Superior), Hinsdale, IL ("assuming institution") a new FDIC insured Federal mutual savings bank. The OTS appointed the FDIC conservator of New Superior. On November 19, 2001, all deposits and all branch offices of New Superior were transferred to Charter One Bank, FSB, Cleveland, OH. All accounts will be available as usual during regular business hours.

These transferred deposits will be separately insured from any accounts you may already have at Charter One Bank, FSB for six months after the transfer. Checks that were drawn on New Superior that did not clear before the institution closed will be honored. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-430-8098.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Charter One Bank, FSB (as long as the deposits are not pledged as collateral for loans).

For all questions regarding new loans and the lending policies of Charter One Bank, FSB, please contact:

(800) 331-6306

or visit the Charter One web site 

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IV.  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

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V.  Dividend Information
Dividend History on Superior Bank

Dividend Information on Failed Financial Institutions
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VI.  Receivership Termination

The FDIC as Receiver for Superior Bank, FSB, has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on August 22, 2011.

The Receiver has made all dividend distributions required by law.

Effective July 1, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.

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Last Updated 08/19/2014 Customer Service