|
Failed Bank Information
Metropolitan Savings Bank, Pittsburgh, PA, Closing Information
|
- Introduction
- Press Release
- Acquiring Financial Institution
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet
Summary
|
I. Introduction |
On February 2, 2007, Metropolitan Savings Bank,
Pittsburgh, Pennsylvania was
closed by the
State of Pennsylvania, Department of Banking
and the Federal Deposit Insurance Corporation (FDIC) was
named Receiver. No advance notice is given to the public when a financial institution is
closed.
The FDIC has assembled useful information
regarding your relationship with this institution. Besides a checking account, you
may have Certificates of Deposit, a car loan, a business checking account, a commercial
loan, a Social Security direct deposit, and other relationships with the institution. The
FDIC has compiled the following information which should help answer many of your
questions.
|
Back to top |
II. Press
Release |
The FDIC has issued a press
release (PR-9-2007) 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.
|
Back to top |
III. Acquiring
Financial Institution |
All insured deposit accounts have been
transferred to
Allegheny Valley Bank of Pittsburgh, Pennsylvania ("assuming institution")
and will be available immediately. Your bank will re-open during regular
business hours at the former Metropolitan Savings Bank.
Principal and interest on insured accounts,
through February 2, 2007, are fully insured by the FDIC, up to the insurance limit of
$100,000. You will receive full payment for your insured account. Certain entitlements and
different types of accounts may be insured for more than the $100,000 limit. IRA funds are
insured separately from other types of accounts, up to a $250,000 limit.
If it is determined that you have uninsured
funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate
entitles you to share proportionately in any funds recovered through the disposal of the
assets of Metropolitan Savings Bank. This means that you may eventually recover some of your
uninsured funds.
All accounts that exceed the $100,000 insurance
limit, and/or all accounts that appear to be related and exceed this limit,
are reviewed by the FDIC to determine their ownership and insurance coverage.
If it appears that you
have potentially uninsured funds, an FDIC Claims Agent will contact you,
by either telephone or mail, regarding your account(s). Or, you may call
1-(877) 289-2088 and arrange a personal meeting with a Claims
Agent.
Your transferred deposits will be separately
insured from any accounts you may already have at Allegheny Valley Bank of
Pittsburgh
for six months after the failure of Metropolitan Savings Bank. Checks that
were drawn on Metropolitan Savings Bank that did not clear before the institution closed will be honored. You may speak to an FDIC representative
regarding deposit insurance by calling:
1-(877) 289-2088,
Monday through Friday 8:00 am to 6:00 pm EST, Saturday 8:00 am to
5:00pm EST, and Sunday 12:00 pm to 5:00 pm EST.
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit agreement
with Allegheny Valley Bank of Pittsburgh by either making a deposit to or a withdrawal from your
account, provided the deposits are not pledged as collateral for loans.
For all questions regarding new loans and the
lending policies of Allegheny Valley Bank of Pittsburgh, please visit
their web site:
Allegheny Valley Bank of Pittsburgh Web
site
For additional information on
deposit insurance visit EDIE the FDIC's Electronic Deposit Insurance
Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
|
Back to top |
IV. Banking
Services |
You may continue to use the services to which
you previously had access, such as automatic teller machines, safe deposit boxes, night
deposit boxes, wire services, etc.
Your checks will be processed as usual. All
outstanding checks will be paid against your available insured balance(s) as if no change
had occurred.
Allegheny Valley Bank of Pittsburgh will contact you soon regarding any changes in the
terms of your account. If you have a problem with a merchant refusing to accept your
check, please contact
Allegheny Valley Bank of Pittsburgh, Customer Service Department, at
1-412-781-0318. An account representative will clear up any confusion about the
validity of your checks.
After February 2, 2007, your account will earn
interest at a rate determined by
Allegheny Valley Bank of Pittsburgh. You will be notified by letter
regarding this matter.
Your automatic direct deposit(s) and/or
automatic withdrawal(s) should be transferred automatically to your assuming institution.
You should contact your assuming institution, however, to discuss your account(s) and to
insure that service is not delayed or discontinued.
All your deposit account histories and records will be transferred to
your assuming institution. If your assuming institution requires any
additional signatures or forms, it will notify you. If you have any
questions or special requests, you may contact a representative of your
assuming institution at 1-412-781-0318.
|
Back to top |
V. Loan
Customers |
If you had a loan with Metropolitan Savings Bank, you should continue to make your payments as usual. The terms of your loan
will not change under the terms of the loan contract because they are contractually agreed
to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same
address until further notice. |
Back to top |
VI. Possible Claims Against the Failed
Institution |
Claims against failed financial institutions
occur when bills sent to the institution remain unpaid at the time of failure. Shortly
after the failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process.
Please note: there are time limits for
filing a claim, as specified in the notice.
If you provided a service for Metropolitan Savings Bank and have not
received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: Metropolitan Savings
Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
Back to top |
VII. 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
|
Back to top |
VIII. Dividend
Information |
Dividend
History on Metropolitan Savings Bank
|
Dividend Information on Failed Financial Institutions |
Back to top |
IX. Brokered Deposits |
The FDIC offers a reference
guide to deposit brokers acting as agents for their investor clientele.
This site outlines the FDIC's policies and procedures that must
be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured
Institution.
Deposit
Broker Processing Guide |
Back to top |
General Disclaimer |
|
|