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Failed Bank Information
Bank Closing Information for Bank of Alamo, Alamo, TN
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- Introduction
- Press Release
- Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On November 8, 2002, the FDIC Board of Directors issued an order
authorizing the agency to place the Bank of Alamo in receivership by
exercising its self-appointment powers granted by Congress in 1991. The FDIC
closed The Bank of Alamo and took possession of the bank in its capacity as
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.
The FDIC, as Receiver, 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 deemed terminated. |
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| II. Press
Release
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| The FDIC has 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. |
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| III. Insured
Deposits |
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All account(s) at The Bank of Alamo, Alamo, Tennessee, have
been closed as of November 8, 2002.
Because the FDIC was unable to arrange a transfer of the deposits of The Bank
of Alamo, Alamo, Tennessee, to another financial institution, checks for the
insured portion of deposit accounts were mailed to depositor addresses shown
on the books and records of the failed institution. |
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IV. Priority
of Claims |
The dividend process is complete. In accordance with Federal Law,
allowed claims are paid, after administrative expenses, in the following order
Depositors
General Unsecured Creditors
Subordinated Debt
Stockholders |
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| V. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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VI. Receivership Termination |
The FDIC, as Receiver for The Bank of Alamo has taken all actions
necessary to terminate the receivership estate.
The Receiver published legal notice of intent to terminate in the Jackson Sun
on January 20, 2005.
The Receiver has made all dividend distributions required by law.
Effective April 11, 2005, 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 |
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