Failed Bank Information
Information for Omni National Bank, Atlanta, GA
- Press Release
- Is My Account Fully Insured?
- Paying Agent
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Paying Agent Agreement - PDF
- Balance Sheet Summary
On Friday, March 27, 2009, Omni National Bank, Atlanta, GA was closed by the Office of the Comptroller of the Currency (OCC) 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-050-2009) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 202-898-3876.
III. Is My Account Fully Insured?
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.
IV. Paying Agent
All insured non-brokered deposit accounts have been received by SunTrust Bank, Atlanta, GA ("paying agent") and will be available immediately. From Monday, March 30, 2009, through Monday, April 27, 2009, the former Omni National Bank locations will be operated by SunTrust Bank.
Principal and interest on insured accounts, through Friday, March 27, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at (888) 206-4662. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
List of Affidavits, Declarations, and Forms available for download
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Omni National Bank. This means that you will eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
- Visit EDIE the FDIC's Electronic Deposit Insurance Estimator
- View the FDIC Deposit Insurance Coverage Video
Checks that were drawn on Omni National Bank will be honored up to your available balance or the insured amount through April 27, 2009. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. A hold may be in place on deposit accounts due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held. You may view more information about SunTrust Bank by visiting their web site.
SunTrust Bank (www.suntrust.com)
VI. Banking Services
The Automated Teller Machines (ATM) will remain available, online services will be in a read-only mode until March 30, 2009.
During the four week period ending on April 27, 2009, you are encouraged to make arrangements with SunTrust Bank regarding your safe deposit boxes and any other services to which you previously had access.
For Depositors in Texas and Illinois
During the four week period, depositors in Texas and Illinois are encouraged to come into their local branch and close their account. At the end of the four week period SunTrust Bank will close all remaining accounts and mail checks to the Depositor's address of record.
For Depositors in Florida and Georgia
During the four week period, depositors in Florida and Georgia are encouraged to come into their local branch and open a new account with SunTrust. At the end of the four week period, SunTrust Bank will close all remaining accounts and open new SunTrust accounts.
For All Depositors
Your checks will be processed as usual through April 27, 2009. All outstanding checks that clear prior to April 27, 2009 will be paid against your available insured balance(s) as if no change had occurred. 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, March 27, 2009, will be paid at your same rate. SunTrust Bank will be reviewing rates and will provide further information soon. You will be notified of any changes.
You are encouraged to make new arrangements for your automatic direct deposit(s) and/or automatic withdrawal(s). If you have any questions or special requests, you may contact a representative of SunTrust Bank at your branch office.
VII. Loan Customers
If you had a loan with Omni National Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract, because they are contractually agreed to in your promissory note with the failed institution. 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 SunTrust Bank, please contact your branch office.
Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
VIII. Possible Claims Against the Failed Institution
If you or your company provided a service or product, leased space, furniture, or equipment to Omni National Bank after Friday, March 27, 2009 and have not been paid you do not have a claim against Omni National Bank. Please follow your normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to the Omni National Bank prior to Friday, March 27, 2009 and have not been paid you may be entitled to a claim against the bank. If you provided a product to or a service for Omni National Bank prior to the bank's failure for which you have not been paid and you have not received communication, contact:
Federal Deposit Insurance Corporation
Receiver: Omni National Bank
1601 Bryan Street
Dallas, TX 75201
Please note: There are time limits for filing a claim, your claim must be filed on or before 07/01/2009.
IX. 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
X. Dividend Information
Dividend Information on Failed Financial Institutions
XI. 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 Processing Guide