|
Failed Bank Information
Reliance Bank, White Plains, NY, Closing Information
|
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership
Termination
|
| I. Introduction |
On March 19, 2004, Reliance Bank,
White Plains, New York was
closed by New York Superintendent of Banks 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 dividends distributions as
required by law and the receivership estate is deemed terminated.
|
| Back to top |
| II. Press
Release |
The FDIC has issued a press
release (PR-24-2004) about the institution’s closure. If you represent a media
outlet and would like information about the closure, please contact
Frank Gresock at 202-898-6634.
|
| Back to top |
| III. Acquiring
Financial Institution |
All deposit accounts were transferred
to Union State Bank, Orangeburg, New York ("assuming
institution") and were available as usual during regular business hours at
the former Reliance Bank branch.
You may view more information about Union State Bank by visiting their
web site.
Union State Bank Web Site
|
| Back to top |
| 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
|
| Back to top |
| V. Dividend Information
|
Dividend
Information on Failed Financial Institutions |
| Back to top |
|
VI. Receivership Termination |
The FDIC, as Receiver for Reliance Bank, White Plains, NY, has taken all
actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership
in the New York Times on April 2, 2007.
The Receiver has made all dividend distributions required by law.
Effective October 31, 2007, the Receivership Estate has been terminated, the
Receiver was discharged, and the Receivership Estate ceased existence as a legal
entity
General Disclaimer |
| Back to top |
| |
|
|
