Two receiverships of WV, GA banks slated for termination

The federal insurer of bank deposits plans to terminate its receiverships of two institutions, including First National Bank of Keystone, a Keystone, W.Va., bank that was closed in 1999 after examiners uncovered fraud.

The Federal Deposit Insurance Corp. (FDIC), in a notice scheduled for publication in Monday’s Federal Register, says it plans to terminate its receiverships of First National Bank of Keystone as well as the Security Exchange Bank of Marietta, Ga. The Keystone institution has been in receivership since Sept. 1, 1999; the Marietta bank, since June 15, 2012.

The FDIC said the liquidation of assets in each receivership is complete. “To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors,” the FDIC notice says. “Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose.”

Anyone wishing to comment on the termination of either receivership has up to 30 days following the date of the notice to do so in writing to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201.

Notice to All Interested Parties of Intent to Terminate Receiverships