Failed Bank Information
Information for First Alliance Bank & Trust Company, Manchester, NH
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On February 2, 2001, First Alliance Bank & Trust Company, Manchester,
NH was closed by the New Hampshire Banking Department, 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 dividends distributions as
required by law and the receivership estate is deemed terminated.
II. Press Release
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.
III. Acquiring Financial Institution
All deposit accounts were transferred to Southern New Hampshire Bank & Trust, Salem, NH and were available as usual during regular business hours at the following Southern New Hampshire Bank & Trust offices:
Southern New Hampshire Bank &
Trust has changed
its legal name and is currently doing
business as Bank of New England
Bank of New England (www.bankofnewengland.com)
VIII. Priority of Claims
The dividend process is complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
IX. Dividend Information
Dividend Information on Failed Financial Institutions
VI. Receivership Termination
The FDIC, as Receiver for First Alliance Bank & Trust Company,
Manchester,
NH has taken all actions necessary to terminate the Receivership Estate.
The Receiver published legal notice of intent to terminate the receivership in the Union
Leader, Manchester, NH on September 23, 2002.
The Receiver has made all dividend distributions required by law.
Effective April 1, 2003, the Receivership Estate has been terminated,
the Receiver discharged, and the Receivership Estate has ceased to
exist as a legal entity.