- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
|
| I. Introduction |
On January 18, 2002, Bank of Sierra Blanca was closed by the Texas
Department of Banking. 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 dividend distributions as
required by law and the receivership estate is deemed terminated. |
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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. |
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| III. Acquiring
Financial Institution |
All insured deposit accounts have been transferred to The Security State
Bank of Pecos, Pecos, Texas, and were available as usual during regular
business hours. The new branch was named: TransPecos Banks, Sierra Blanca. The
location of the branch is:
Sierra Blanca Road and State Highway 1111
Sierra Blanca, TX
Phone: (915) 445-9000 |
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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 Bank of Sierra Blanca, has taken all actions
necessary to terminate the receivership estate.
The Receiver published legal notice of intent to terminate in the Van Horn
(TX) Advocate on August 7, 2003.
The Receiver has made all dividend distributions required by law.
Effective February 1, 2004, the Receivership Estate has been terminated, the
Receiver discharged, and the Receivership Estate has ceased to exist as a
legal entity. |
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| General Disclaimer |
