- Introduction
- Press Release
- Insured Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
|
| I. Introduction |
On March 28, 2002, New Century Bank, Shelby Township, Michigan was closed by
the Michigan Commissioner of the Office of Financial and Insurance Services.
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
|
| 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.
|
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| III. Insured
Deposits |
All accounts at New Century Bank were closed as of March 28, 2002.
Because the FDIC was unable to arrange a transfer of the deposits of New
Century 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 |
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
|
Dividend
Information on Failed Financial Institutions |
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|
VI. Receivership Termination |
The FDIC, as Receiver for New Century Bank, has taken all actions
necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership
in the Detroit Free Press on February 15, 2005.
The Receiver has made all dividend distributions required by law.
Effective March 25, 2005, the Receivership Estate has been terminated, the
Receiver discharged, and the Receivership Estate ceased existence as a legal
entity. |
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| General Disclaimer |
