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Failed Bank Information
Dollar Savings Bank, Newark, NJ, Closing Information
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- Introduction
- Press Release
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Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On February 14, 2004, Dollar Savings Bank, Newark, New Jersey was closed
by the Office of Thrift Supervision and 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.
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 Elizabeth Ford at
202-898-6993. |
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| III. Insured
Deposits |
All accounts at Dollar Savings Bank were closed as
of February 14, 2004. Because the FDIC was unable to arrange a
transfer of the deposits of Dollar Savings Bank 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 |
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
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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 Dollar Savings Bank, Newark, NJ, has taken
all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership
in The Star-Ledger (Newark, NJ) on March 10, 2006.
The Receiver has made all dividend distributions required by law.
Effective December 19, 2006, the Receivership Estate has been terminated, the
Receiver was discharged, and the Receivership Estate ceased existence as a
legal entity
General Disclaimer
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