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Question and Answer Guide

Enterprise Banking Company, McDonough, GA

Is My Account Fully Insured?
Electronic Deposit Insurance Estimator
  1. Banking Services Including Checks, ATM and Debit Cards
  2. You Do Not Need To Stand In Line to Close Your Account:
  3. Please remember these dates and act quickly to replace these services:
  4. Direct Deposits:
  5. Certificates Of Deposits (Cds):
  6. IRA Accounts:
  7. Loans
  8. Official Checks Issued By Enterprise Banking Company:
  9. Merchant Not Honoring a Check:
  10. Accounts Greater Than $250,000:
  11. Uninsured Depositors:
  12. Shareholders:
  13. Overdrafts and Lines Of Credit:
  14. Loans:
  15. Holds:
  16. Automatic Payments:
  17. Bill Pay:
  18. Tax Reporting - 1098/1099s:
  19. Nondeposit Claims:
  20. Additional Questions:

On Friday, January 21, 2011, Enterprise Banking Company, McDonough, GA, was closed by the Georgia Department of Banking and Finance. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed as Receiver. According to regulatory policy, there is no advance notice given to the public. No one lost any insured deposits as a result of the closure of Enterprise Banking Company.

The FDIC was unable to negotiate a sale to an acquiring institution. Therefore, the bank will temporarily reopen on Monday, January 24, 2011, as Deposit Insurance National Bank of McDonough, McDonough, GA so customers can transfer their insured accounts to another institution before the bank permanently closes on January 28, 2011. The bank will be open for a LIMITED period providing LIMITED services. If you do not transfer your funds by January 28, 2011; the FDIC will close your accounts and mail you a check for the remaining funds.

Banking Services Including Checks, ATM and Debit Cards. You can continue to use your personal checks, however they must clear by January 28, 2011, or they will be returned unpaid. You can continue to make deposits until January 26, 2011. You can use ATM/Debit cards until January 26, 2011 at 3:00 P.M. Over the weekend, online banking and bill pay services will not be available. The McDonough and Abbeville Offices will remain open until January 28, 2011 at 3:00 P.M.

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You Do Not Need To Stand In Line To Close Your Account:
Three ways to close your account:

  • The quickest and easiest way is to write a check for your available balance, then deposit that check into an account at another financial institution.
  • Direct a wire transfer to another financial institution
  • Ask for a "no fee" Cashier's check.


  1. Please be sure to leave enough funds in your account to cover any outstanding checks.
  2. If you do not close your account by January 28, 2011, you will lose access to your funds for approximately one week until a check for the balance is mailed to you.

Please remember these dates, and act quickly to replace these services:

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DIRECT DEPOSITS/AUTOMATED PAYMENTS: All government direct deposits, including Social Security checks, have been redirected to United Community Bank, Blairsville, GA. Please note these will be processed at the same time they have been processed in the past. Contact information for the McDonough branch is as follows:

United Community Bank
865 Highway 20/281
McDonough, GA 30253

You will be required to show appropriate identification to obtain your funds. Please see the following information for redirecting your government direct deposit:

All direct deposits, including Social Security deposits, will continue until January 21, 2011; you should arrange to move any automated deposits or make withdrawal arrangements as soon as possible. It can take a long time to transfer government direct deposits. The institution of your choice will be glad to assist in completing the required documentation. You may also find assistance at or call 1-800-333-1795. The Social Security Administration can be contacted at
1-800-772-1213, or at

CERTIFICATES OF DEPOSITS (CDs): Insured balances will be mailed to your address of record with Enterprise Banking Company no later than Sunday, January 23, 2011. CDs will not be available for withdrawal at Deposit Insurance National Bank of McDonough. You will earn interest only until January 21, 2011. The FDIC has waived the early withdrawal penalty. If you had Brokered CD accounts, you must contact your Broker for further information.

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IRA ACCOUNTS: IRA accounts are insured separately from other types of accounts up to $250,000. As with CDs, checks for the insured balance in IRA accounts will be mailed to the address of record no later than Sunday, January 23, 2011. From the date this check is issued to you from your IRA, you have 60 days to roll this over into another retirement vehicle. You should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. This publication specifically addresses this situation; therefore, you should review it carefully. IRS Publication 590 can be obtained by contacting your local IRS office or via the Internet at

SAFE DEPOSIT BOXES: You must empty your Safe Deposit Box by March 25, 2011. For safety reasons, you are encouraged to secure a new safe deposit box prior to emptying your box. If you do not clear your safe deposit boxes by March 25, 2011, the box will be drilled under dual control. The contents will be escheated according to state law. A letter will be sent to you at the address listed on the bank's record prior to your box being drilled. Unclaimed property can be located by visiting or by contacting the State Treasurer's office or the office of unclaimed property.

OFFICIAL CHECKS ISSUED BY ENTERPRISE BANKING COMPANY: Official checks (interest checks, cashier's checks, certified checks, money orders, vendor payments) will continue to clear until February 4, 2011. After February 4, 2011 the FDIC will reissue Official Checks if payee information is available. Official Checks are fully insured as noninterest-bearing transaction accounts.

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MERCHANT NOT HONORING A CHECK: Merchants are encouraged to honor Enterprise Banking Company checks, as these will continue to clear up to the insured available balance until January 28, 2011. A copy of this document or the press release from can be provided since both documents indicate that insured deposits have been received by Deposit Insurance National Bank of McDonough. Additional copies will be available at the bank. Depositors or merchants can also call the FDIC at 1-800-405-8251 or contact staff at your former Enterprise Banking Company branch location to confirm this information.

ACCOUNTS GREATER THAN $250,000: Noninterest-bearing accounts are fully insured regardless of amount. If you have interest-bearing accounts greater than $250,000, you should call the FDIC to schedule a telephone appointment with an FDIC Claims Agent at 1-800-405-8251 as your accounts may require review. You may need to complete certain forms or provide documentation so that the FDIC can make an insurance determination on your account(s). Starting on the first business day after closing, you can check Is My Account Fully Insured? to verify your insurance status by entering each of your account numbers.

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UNINSURED DEPOSITORS: In the event you have uninsured deposits, it may be possible to offset your uninsured amount against a loan in the same name as your uninsured deposit account. You should make a telephone appointment with an FDIC Claims Agent at 1-800-405-8251 to discuss this. If it is determined that you have some uninsured funds, the FDIC will mail you a Receiver's Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of Enterprise Banking Company. You may eventually recover your uninsured funds as assets are liquidated. For an explanation of this dividend process, go to FDIC Dividends from Failed Banks.

SHAREHOLDERS: The holding company, Enterprise Banking Company, Inc., McDonough, Georgia owns all shares of bank stock. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the receiver. Your must contact the holding company directly for more information.

Enterprise Banking Company, Inc.
2097 Highway 20 W
McDonough, GA   30253

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OVERDRAFTS AND LINES OF CREDIT: Deposit Insurance National Bank of McDonough will not allow overdrafts. Overdraft lines of credit, including home equity lines, have been frozen. You will need to establish a new line of credit with your new bank.

LOANS: You should continue to make your loan payments to the same address as you have in the past. Make your check payable to Enterprise Banking Company. All escrow services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately. You should direct your loan questions to your loan officer.

All foreclosure actions have been suspended to evaluate collateral and each borrower's ability to repay. The FDIC may resume the foreclosure process on certain loans. However, the FDIC intends to sell all loans. The new owner will determine the best collection method for sold loans. If your loan is sold, you will be notified by mail in advance of the sale. You have the right to refinance your loan with another institution.

HOLDS: A deposit account may be held due to delinquent loans of the depositor or for loans the depositor has guaranteed. Additionally, an account pledged as loan collateral will be held until the loan is paid. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding loan holds, please call your loan officer or the FDIC at the number provided in the letter.

An account may be held for additional documentation. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. Please contact the FDIC at 1-800-405-8251 to schedule a telephone appointment.

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AUTOMATIC PAYMENTS: Any automatic payments from your account (except from a held account) will continue until you close your account or January 26, 2011, whichever comes first. We encourage you to verify all automatic payments from your account the day after such payments are scheduled. If the transaction did not occur, please notify your loan officer. You should move your automatic payments to a new bank as soon as possible.

BILL PAY: Bill Pay will not be available after Friday, January 21, 2011. Any payments scheduled MUST CLEAR your account by January 28, 2011. You should arrange a new online banking service promptly since this service will be discontinued.

TAX REPORTING - 1098/1099S: Deposit Insurance National Bank of McDonough will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC as Receiver for Enterprise Banking Company or the servicer of your loan.

NONDEPOSIT CLAIMS: Submit your invoice, together with proof of your claim, to the following address:

FDIC as Receiver for
Enterprise Banking Company
1601 Bryan Street
Dallas, TX  75201-3430
Attention: Claims Agent

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Scams: Please be advised you will not receive any communications to claim, unlock or un-suspend your account or to provide any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Enterprise Banking Company, Deposit Insurance National Bank of McDonough or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please call the Call Center and you will be directed to the appropriate person.

ADDITIONAL QUESTIONS: You can contact the FDIC Call Center at the number provided below with any additional questions:

FDIC Call Center
Toll free number 1-800-405-8251
Hours of Operation - Eastern Time
Friday, January 21, 2011: Until 9:00 p.m.
Saturday, January 22, 2011: 9:00 a.m. – 6:00 p.m.
Sunday, January 23, 2011: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.

For more information:

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