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Failed Bank Information
Bank Closing Information for First Alliance Bank & Trust Company, Manchester, NH
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- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On February 2, 2001, First Alliance Bank & Trust Company, Manchester,
NH, was closed by the New Hampshire Banking Department. 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, as 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. |
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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. Acquiring
Financial Institution |
All deposit accounts were transferred to Southern New Hampshire Bank &
Trust, Salem, NH, and were available as usual during regular business hours at
the following Southern New Hampshire Bank & Trust offices:
1750 Elm Street, Suite 102
Manchester, NH 03101
Phone: (603) 624-6676 |
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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
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Dividend
Information on Failed Financial Institutions |
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| VI. Receivership
Termination |
The FDIC, as Receiver for First Alliance Bank & Trust Company,
has taken all actions necessary to terminate the receivership estate.
The Receiver published legal notice of intent to terminate the Union
Leader, Manchester, NH, on September 23, 2002.
The Receiver has made all dividend distributions required by law.
Effective April 1, 2003, the Receivership Estate has been terminated,
the Receiver discharged, and the Receivership Estate has ceased to
exist as a legal entity. |
| General Disclaimer |
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