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Failed Bank Information
Net First National Bank, Boca Raton, FL, 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 |
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On March 1, 2002, Net 1st National Bank ("Net
1st"), Boca Raton, Florida was closed by
the Office of the Comptroller of the Currency (OCC) 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. |
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| III. Acquiring
Financial Institution |
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All insured deposit accounts were
transferred to Bank Leumi USA, New York, New York ("assuming institution")
and were available immediately. Your bank re-opened during regular business hours at the following
Bank Leumi offices:
5295 Town Center Road
Boca Raton, Florida 33486
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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 Net First National Bank,
Boca Raton, Florida, has taken all actions necessary to terminate the
receivership estate.
The Receiver published legal notice of intent to terminate in the Sun-Sentinel
(Deerfield Beach, FL) on August 20, 2006.
The Receiver has made all dividend distributions required by law.
Effective February 16, 2007, 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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