2 bank receiverships terminated by federal bank deposit insurer

Receiverships of two banks formerly headquartered in Connecticut and Alabama were terminated Dec. 1 by the Federal Deposit Insurance Corp. (FDIC), according to a notice this week in the Federal Register.

The terminated receiverships were for Citytrust, Bridgeport, Conn., closed in August 1991 with reported assets of $2 billion (and taken over by Chase Manhattan Bank of Connecticut); and Nexity Bank, Birmingham, Ala., closed in April 2011 with reported assets of $793.7 million.

As receiver, the FDIC was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. FDIC says its work is done and that it has “made all dividend distributions required by law.”

Notice of Termination of Receiverships