Failed Bank Information
Information for TeamBank, N.A., Paola, KS
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Qualified Financial Contracts
- Dividend Information
- Purchase and Assumption Agreement - PDF 4Mb
- Receivership Termination
On March 20, 2009, TeamBank, N.A., Paola, KS was closed by the Office of the Comptroller of the Currency 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 (PR-046-2009) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992.
III. Acquiring Financial Institution
All deposit accounts have been transferred to Great Southern Bank, Springfield, MO ("assuming institution") and will be available immediately. On Saturday, March 21, 2009, the former TeamBank, N.A. locations will reopen as branches of Great Southern Bank.
Your transferred deposits will be separately insured from any accounts you may already have at Great Southern Bank for six months after the failure of TeamBank, N.A.. Checks that were drawn on TeamBank, N.A. 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 regarding deposit insurance by calling: 1-800-830-4697.
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 Great Southern Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Great Southern Bank by visiting their web site.
IV. 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
V. Qualified Financial Contracts
At approximately 7:00 PM Eastern Time on March 20, 2009, the Federal Deposit Insurance Corporation was appointed receiver of TeamBank, National Association, Paola, Kansas. As receiver, the FDIC transferred to Great Southern Bank, Springfield, Missouri, virtually all of the assets of TeamBank. In connection with the transfer, all Qualified Financial Contracts to which TeamBank was a party were also transferred to Great Southern Bank. 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).
VI. Dividend Information
VIII. Receivership Termination
The FDIC as Receiver for TeamBank, N.A., Paola, KS 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 May 6, 2016.
The Receiver has made all dividend distributions required by law.
Effective September 1, 2016, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.