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Failed Bank Information
Universal FSB Federal Savings Bank, Chicago, IL, Closing Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On June 27, 2002, Universal Federal Savings Bank ("Universal FSB") was
closed by the Office of Thrift Supervision 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 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.
Press Release: Chicago Community
Bank purchases Universal Federal Savings Bank |
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| III. Acquiring
Financial Institution |
All insured deposit accounts were transferred to Chicago
Community Bank, Chicago, Illinois ("assuming institution") and were
available immediately. Your bank re-opened during regular business hours at
the following Chicago Community Bank office:
1800 South Halsted Street
Chicago, Illinois 60608
Chicago Community Bank |
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| 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
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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 Universal Federal Savings Bank, Chicago, IL, has taken
all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership
in the Chicago Tribune on April 2, 2007.
The Receiver has made all dividend distributions required by law.
Effective November 15, 2007, the Receivership Estate has been terminated, the
Receiver was discharged, and the Receivership Estate ceased existence as a
legal entity
General Disclaimer
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