Failed Bank Information
Information for AmTrust Bank, Cleveland, OH
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
On Friday, December 4, 2009, AmTrust Bank, Cleveland, OH was closed by the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-222-2009) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.
III. Acquiring Financial Institution
All deposit accounts have been transferred to New York Community Bank, Westbury, NY ("assuming institution") and will be available immediately. On Saturday, December 5, 2009, the former AmTrust Bank locations will reopen as branches of New York Community Bank.
Your transferred deposits will be separately insured from any accounts you may already have at New York Community Bank for six months after the failure of AmTrust Bank. Checks that were drawn on AmTrust Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling (888) 206-4662.
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 New York Community Bank as long as the deposits are not pledged as collateral for loans. You may view more information about New York Community Bank by visiting their web site.
New York Community Bank (www.mynycb.com)
V. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
As of Saturday, December 5, 2009, you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new 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. An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, December 4, 2009, will be paid at your same rate. New York Community Bank will be reviewing rates. You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.
VI. Loan Customers
If you had a loan with AmTrust Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies of New York Community Bank, please contact your branch office.
Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
VII. Possible Claims Against the Failed Institution
Determination of Insufficient Assets to Satisfy Claims Against Financial Institution in ReceivershipSUMMARY: The FDIC has determined that insufficient assets exist in the receivership of AmTrust Bank, Cleveland, Ohio, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The FDIC made its determination on April 30, 2011.
If you have questions regarding this notice, you may contact an FDIC Claims Agent at (904) 256-3925. Written correspondence may also be mailed to:
FDIC as Receiver of AmTrust Bank,
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
SUPPLEMENTARY INFORMATION: On December 4, 2009, AmTrust Bank, Cleveland, Ohio, (FIN #10155) was closed by the Office of Thrift Supervision ("OTS"), and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its receiver ("Receiver"). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with New York Community Bank, Westbury, New York, to acquire the deposits and most of the assets of the failed institution.
Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims.
As of December 31, 2010, the value of assets available for distribution by the Receiver, together with anticipated recovery sources, including recoveries on claims against directors, officers, and other professionals, claims in bankruptcy, and refunds of federal and state taxes, was $3,102,153,098. As of the same date, administrative expenses and depositor liabilities equaled $4,555,852,340, exceeding available assets by $1,453,699,242. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value.
DATED: May 5, 2011
Federal Register /Vol. 76, No. 91 /Wednesday, May 11, 2011 /Notices Pg. 27320
FAQ For "No Value" Determination
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
Dividend Information on Failed Financial Institutions
X. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker's Processing Guide
XI. Qualified Financial Contracts
The FDIC as receiver for AmTrust Bank, Cleveland, Ohio, has transferred to New York Community Bank, Westbury, New York, all Qualified Financial Contracts to which AmTrust Bank was a party. Qualified Financial Contracts include swaps, options, futures, forwards, repurchase agreements and any other Qualified Financial Contract as defined in 12 U.S.C. Section 1821(e)(8)(D).
See related FDIC press release (PR-222-2009) dated December 4, 2009, for further information regarding AmTrust Bank.