On June 27, 2002, Universal Federal Savings Bank ("Universal FSB") was
closed by the Office of Thrift Supervision 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.
The FDIC has 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.
All insured deposit accounts were transferred to Chicago
Community Bank, Chicago, IL ("assuming institution") and were
available immediately. Your bank re-opened during regular business hours at
the following Chicago Community Bank office: