The federal bank deposit insurer on July 1 terminated its receiverships of eight banks and is taking comments for 30 days on its plan to terminate another.
Terminated July 1 by the Federal Deposit Insurance Corp. (FDIC) were the receiverships of the following:
- Great Basin Bank of Nevada (Elko, Nev.);
- Bank of Wyoming (Thermopolis, Wyo.);
- BankFirst (Sioux Falls, S.D.);
- American United Bank (Lawrenceville, Ga.);
- Evergreen Bank (Seattle, Wash.);
- Fidelity Bank (Dearborn, Mich.);
- First Commercial Bank (Bloomington, Minn.);
- Millennium Bank, National Association (Sterling, Va.); and
- The Bank of Georgia (Peachtree City, Ga.).
As receiver, the FDIC was charged with winding up the affairs of the former institutions and liquidating all related assets. “The Receiver has fulfilled its obligations and made all dividend distributions required by law,” it said in notice slated for publication July 9 in the Federal Register.
The notice also says that effective July 1, “the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.”
In a separate notice, the FDIC said it intends to terminate its receivership of Peoples First Community Bank of Panama, Fla. The agency was appointed receiver in December 2009.
“The liquidation of the assets for the receivership has been completed,” according to the notice, also scheduled to publish in the July 9 F.R. “To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
“Based upon the foregoing, the Receiver has determined that the continued existence of the receivership will serve no useful purpose,” it says.
The FDIC says if anyone wishes to comment regarding the termination of this receivership, “such comment must be made in writing, identify the receivership to which the comment pertains, and sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201.”
Comments not provided within the above time frame will not be considered, the notice says.
Notice of Termination of Receiverships
Notice to All Interested Parties of Intent to Terminate Receivership