- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
| On September 30, 2002, AmTrade
International Bank of Georgia was closed by the Georgia Department of Banking
and Finance. 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. As of March 24, 2006,
the FDIC, as Receiver of AmTrade International Bank of Georgia 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 estate
is terminated.
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| II. Press
Release
|
The FDIC issued a press
release about the institution’s closure. If you represent a
media outlet and would like information about the closure, please contact
the FDIC Public
Affairs Office at (202) 898-6993.
Spanish Version of Press Release |
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| III. Acquiring
Financial Institution |
| The FDIC was unable to arrange a transfer of the deposits of AmTrade International Bank of Georgia to another financial institution. A check for the insured portion of depositor's account(s) was mailed to the last address shown on the books and records of the failed institution. NOTE: Checks were not mailed on deposits securing loans or the deposits of certain customers with liabilities to the institution. |
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| IV. Priority of Claims |
The Receiver has
made all dividend distributions required by law. The dividend process is
complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
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| V. Dividend Information |
|
| The
Receiver has made all dividend distributions required by law. |
Dividend
Information on Failed Financial Institutions |
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| VI. Receivership Termination |
The Receiver published legal
notice of intent to terminate in the Miami Herald, Miami, Florida, on May 12,
2005.
Effective March 24, 2006, the Receivership Estate has been terminated, the
Receiver discharged, and the Receivership Estate has ceased to exist as a
legal entity.
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| General Disclaimer |
