Failed Bank Information
Information for Superior Bank, FSB, Hinsdale, IL
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On July 27, 2001, Superior Bank, FSB of Hinsdale, IL was closed by Office of Thrift Supervision (OTS) 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 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.
Press Release-52-2001
Press Release-78-2001
Press Release-21-2002
III. Acquiring Financial Institution
On July 27, 2001, all insured deposit accounts were transferred to Superior Federal, FSB (New Superior), Hinsdale, IL ("assuming institution") a new FDIC insured Federal mutual savings bank. The OTS appointed the FDIC conservator of New Superior. On November 19, 2001, all deposits and all branch offices of New Superior were transferred to Charter One Bank, FSB, Cleveland, OH. All accounts will be available as usual during regular business hours.
These transferred deposits will be separately insured from any accounts you may already have at Charter One Bank, FSB for six months after the transfer. Checks that were drawn on New Superior that did not clear before the institution closed will be honored. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-430-8098.
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 Charter One Bank, FSB (as long as the deposits are not pledged as collateral for loans). As of September 1, 2007 Citizens Bank, National Association, Providence, RI became the successor to Charter One Bank. You may view more information about Citizens Bank by visiting their web site.
Citizens Bank(www.citizensbank.com)
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be 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 Superior Bank, FSB of Hinsdale, IL has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on August 22, 2011.
The Receiver has made all dividend distributions required by law.
Effective July 1, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.