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Failed Bank Information
Superior Bank, FSB, Hinsdale, IL, Closing Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet Summary
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I. Introduction |
On July 27, 2001, Superior Bank, FSB of Hinsdale, Illinois was closed by
Office of Thrift Supervision (OTS) and the Federal Deposit Insurance
Corporation (FDIC) was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking account, you may have Certificates of
Deposit, a car loan, a business checking account, a commercial loan, a Social
Security direct deposit, and other relationships with the institution. The
FDIC has compiled the following information which should answer many of your
questions. |
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II. Press
Release |
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.
Press
Release-52-2001
Press
Release-78-2001
Press Release-21-2002
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III. Acquiring
Financial Institution |
On July 27, 2001, all insured deposit accounts were transferred to
Superior Federal, FSB (New Superior), Hinsdale, Illinois ("assuming
institution") a new FDIC insured Federal mutual savings bank. The OTS
appointed the FDIC conservator of New Superior. On November 19, 2001, all
deposits and all branch offices of New Superior were transferred to Charter
One Bank, FSB, Cleveland, Ohio. All accounts will be available as usual during
regular business hours.
These transferred deposits will be separately insured from any accounts you
may already have at Charter One Bank, FSB for six months after the transfer.
Checks that were drawn on New Superior that did not clear before the
institution closed will be honored. You may speak to an FDIC representative
regarding deposit insurance by calling the following number:
FDIC Call Center
877-ASK-FDIC (877-275-3342)
800-925-4618 (TDD)
For additional information on
deposit insurance visit EDIE the FDIC's Electronic Deposit Insurance
Estimator.
EDIE
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred account without an
early withdrawal penalty until you enter into a new deposit agreement
with Charter One Bank, FSB (as long as the deposits are not pledged as
collateral for loans).
For all questions regarding new loans and the lending policies of
Charter One Bank, FSB, please contact:
(800) 331-6306
or visit the Charter
One web site |
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IV. Banking
Services |
You may continue to use the services to which you previously had access,
such as automatic teller machines (ATMs), safe deposit boxes, night deposit
boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid
against your available insured balance(s) as if no change had occurred.
Charter One Bank, FSB will contact you soon regarding any changes in the terms
of your account. If you have a problem with a merchant refusing to accept your
check, please contact Charter One Bank, FSB, Customer Service Department, at
(800) 331-6306. An account representative will clear up any confusion about
the validity of your checks.
After November 19, 2001, your account will earn interest at a rate determined
by Charter One Bank, FSB. You will be notified by letter regarding this
matter.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to Charter One Bank, FSB. If you have any questions
or special requests, you may contact a representative of your assuming
institution at the following telephone number: (800) 331-6306. |
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V. Loan
Customers |
If you had a loan with Superior Bank, FSB of Hinsdale, Illinois or with
New Superior, you should continue to make your payments as usual. The terms of
your loan will not change under the terms of the loan contract because they
are contractually agreed to your promissory note with the failed institution.
Checks should be made to your former bank and sent to the same address until
further notice. For questions regarding loans with Superior Bank, FSB or New
Superior please phone (888) 323-6111. |
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VI. Possible Claims Against the Failed
Institution |
Claims against failed financial institutions
occur when bills sent to the institution remain unpaid at the time of failure. Shortly
after the failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process.
Please note: there are time limits for
filing a claim, as specified in the notice.
If you provided a service for Superior Bank, FSB of Hinsdale, Illinois or
for New Superior and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: Superior Bank, FSB of Hinsdale, Illinois
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Or:
Call toll free 1-800-568-9161 |
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VII. 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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VIII. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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IX. Brokered Deposits |
The FDIC offers a reference
guide to deposit brokers acting as agents for their investor clientele.
This site outlines the FDIC's policies and procedures that must
be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured
Institution.
Deposit
Broker Processing Guide |
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General Disclaimer |
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