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Home > Industry Analysis > Failed Banks > Failed Bank Information | ![]() |
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If you have more than $250,000 in your interest-bearing account, or if
the total of your related interest-bearing accounts exceeds $250,000, your
accounts may require review by an FDIC Claim Agent. You should call the
FDIC to schedule a telephone appointment with an FDIC Claim Agent at 1-800-830-3256.
If you have an interest-bearing account or group of interest-bearing accounts
that exceeds $250,000, you may need to complete certain declarations or affidavits
and provide documentation so that the FDIC can make an insurance determination
on your account(s).
If you are an investor with a deposit broker, you may need to complete one of
these forms only if your investment exceeds $250,000. However, you must mail
your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, or if your deposits are in a non-interest
bearing transaction account(s), you DO NOT need to complete these documents
or contact the FDIC.
An account hold may be placed on an account due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form may
be required to attest to the parties involved in a trust. These forms can be mailed to
you, or you can access them online at:
Deposit Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims).
If you have a question regarding the completion of required affidavits or declarations,
please call 1-800-830-3256
and indicate you have a form completion question.
It is possible a depositor’s account was held due to delinquent
loans where the depositor is the borrower or guarantor. Additionally,
any account pledged as collateral for a loan will continue to be held.
A letter will be sent informing you of any holds placed by the FDIC,
along with instructions on how to proceed. If you have any questions
regarding these holds, please call your loan officer or the FDIC at
the number provided in the letter.
Another reason an account hold may be placed is due to the need for
additional documentation from a depositor. For example, a Declaration
for Trust form may be required to attest to the parties involved in
the trust. Please contact the FDIC at 1-800-830-3256 to schedule a
telephone appointment.
A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp), is available that allows failed bank customers the ability to verify whether their account is fully insured or if they need to contact the FDIC. This service will be available for use no later than the first business day after the bank's failure. Once you enter your account number, your insurance status for that account will appear. If there is a hold on your account, it may be due to the need for the additional documentation referenced in question number one. If there is a hold, you will need to contact the FDIC at 1-800-830-3256 to schedule a telephone appointment.
You will be able to continue using your personal checks and your ATM/Debit card; however, any checks clearing after April 27, 2009 will be returned. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.
Billpay will be available over the weekend in a read-only mode; however, it will be available for transactions on Monday morning. Any payments scheduled through April 27, 2009 will be processed as directed. However, you should begin to make arrangements to transition to a new online banking service as the service will be discontinued on April 27, 2009.
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete. The FDIC
offers an online 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 in a failed FDIC-insured
institution. Please read the following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Deposit Broker
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required
affidavits or declarations on behalf of your client, please call 1-800-830-3256
and indicate you have a form completion question.
If you are a customer who has an Omni National Bank deposit through
a broker, you must contact your broker with any questions. Once
the FDIC receives a balanced investor file along with all the required
documentation, from your broker, your insured funds will be wired
to them on your behalf.
A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09050.html) can be provided as both documents state insured deposits have been received by SunTrust. Omni National checks will continue to clear up to the available balance until April 27, 2009. Copies of this press release will be available at the bank. Depositors or merchants can also call the FDIC at 1-800-830-3256 or staff at your former Omni National Bank branch location.
A deposit insurance payment of your account(s) up to the insured limit has already been received by SunTrust Bank. Georgia and Florida depositors have the opportunity to open a SunTrust account or move your account to another institution by April 27, 2009. If you do not do so by that date, SunTrust will open a new account in your name.
Illinois or Texas depositors have the opportunity to move their accounts to another institution by April 27, 2009; otherwise, SunTrust will mail a check to your address of record with the bank.
Please be advised that if there is no activity in your account in the next 18 months, that money will be escheated to your state. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state’s treasurer’s office or office of unclaimed property.
In order to assist with an orderly transition of your deposits, Georgia
and Florida depositors will have the opportunity to open a new SunTrust account or move your account to a new institution by April 27, 2009. Otherwise, SunTrust will open a new account in your name at the nearest SunTrust branch.
Illinois and Texas depositors should open a new account at another institution by April 27, 2009. If you do not elect one of these options by that date, SunTrust will mail a check to your address of record with Omni National.
As FDIC’s paying agent, SunTrust will operate the former Omni National Bank locations on behalf of the receiver until April 27, 2009. You will have continued access to your money through your ATM/debit card and by writing checks. However, any checks that have not cleared by April 27, 2009 will be returned.
Can Omni National Bank customers use SunTrust Bank branches?
Please note you will not be able to transact business at existing
SunTrust Bank branches until you open a new account with SunTrust
Bank.
Existing customers of SunTrust Bank will not be able to transact
business at these former Omni National Bank branches.
If the balance in your interest-bearing account(s) (this includes
any accounts in which you have an ownership) is less than $250,000,
or if your deposits are in a non-interest bearing transaction
account(s), the total balance(s) of your account(s) will be
received by SunTrust Bank. Your account will be available at
the former Omni National Bank branches.
If you have more than $250,000 in your interest bearing account
(or $250,000 in your IRA), or if the total of your related
interest bearing accounts exceeds $250,000, your accounts may
require review by an FDIC Claim Agent. All accounts that appear
to be related are reviewed to determine ownership and insurance
coverage. Certain entitlements and different types of accounts
can be insured in excess of the $250,000. If you think you
might have uninsured deposits, please see question number one
for information regarding forms you may need to complete to
expedite this process.
If you had a loan with the bank, continue to make your checks payable to Omni National Bank and mail to the same address you have used in the past until you are instructed otherwise.
The transferred accounts will be separately insured for at least
six months after the merger. This grace period gives a depositor
the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after
the end of the six-month grace period. CDs that mature during the six-month period and
are renewed for the same term and in the same dollar amount (either with or without accrued interest)
continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Direct Deposits, including Social Security checks, will continue until April 27. However, you will need to make other arrangements with your new bank for any direct deposits currently sent to your current Omni National Bank account as soon as possible.
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
SunTrust will mail your account statements at the same time you have received them in the past. Customers who have not elected an option by April 27, 2009 will receive a final statement.
All interest on insured deposits accrued through Friday, March 27, 2009
will be paid at your same rate. SunTrust Bank will be reviewing rates and
will provide further information soon.
If you deposited funds through a broker, the interest will
accrue and be paid through Friday, March 27, 2009.
Interest checks and cashier's checks will continue to clear until April 27, 2009. Official checks (those issued by institutions – for example, cashiers’ checks, certified checks, money orders) meet the definition of non-interest bearing transaction accounts. Under the Temporary Liquidity Guarantee Program, non-interest bearing transaction accounts are fully insured.
Over the weekend, the website will be available in a read-only mode. Online transactional service is expected to resume on Monday morning. Omni National Bank had a number of avenues for customers to access funds, and each of those avenues will be available when final processing is completed.
Yes. IRA funds are insured separately from other types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into
another retirement vehicle. You should consult IRS Publication 590 and/or your
tax advisor concerning the possible tax consequences of such distribution. IRS
Publication 590 may be obtained by contacting your local IRS office or via the
Internet at www.irs.gov.
Principal and interest on insured accounts, through Friday, March
27, 2009, are protected by the FDIC, to at least $250,000. All accounts
received by SunTrust are insured to at least $250,000. Certain entitlements
and different types of accounts can be insured in excess of the $250,000.
If you have more than $250,000 in your interest bearing account (or $250,000
in your IRA), or if the total of your related interest bearing accounts
exceeds $250,000, your accounts may require review by an FDIC Claim Agent.
All accounts that appear to be related are reviewed to determine ownership
and insurance coverage. See question number one for information regarding
forms you may need to complete to expedite this process.
Checks that were drawn on Omni National Bank that did not clear before the institution closed will be honored up to your insured amount or available balance until April 27, 2009.
Please contact the FDIC as Receiver for Omni National Bank at 1-800-830-3256 to request a copy of any records you may need.
The FDIC as Receiver for Omni National Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC as Receiver for Omni National Bank or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
If you have a loan in the same name as your uninsured deposit account, it may be possible
to offset your uninsured amount against your loan. You should discuss this with your claim
agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will
mail you a Receivership Certificate. This certificate entitles you
to share proportionately in any funds recovered through
the sale of the assets of Omni National Bank. You may eventually
recover more of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance Corporation ("FDIC") is
appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the
depositors and its creditors. The money generated by the sale of these assets will flow through the
Receivership, and periodic dividend payments will be made to proven claimants when excess cash is
available. For an explanation of the dividend process, go to
FDIC Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Of course, you will receive immediate full payment for your insured
amount via SunTrust Bank.
If you have a deposit through a broker, your insured funds will be wired to your
broker on your behalf once the FDIC receives all required documentation from your broker.
Yes. Any outgoing wire fees will be waived. Please contact your former Omni National Bank branch location regarding your wire request.
Any automatic payments from your Omni National account will continue until April 27, 2009. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer. You should make arrangements with your new bank as soon as possible.
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
At this point, we have suspended all foreclosure actions in order to properly evaluate the loans and the borrower’s ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where we will continue with the foreclosure process, but this will be done on a case-by-case basis.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
All lines of credit, including Home Equity Lines of Credit (HELOCs) and overdraft lines of credit, have been suspended at this time and have been retained by the FDIC. You may contact your new bank to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
No. These lines have been retained by the FDIC and have been frozen. You will need to establish a new overdraft line of credit with your new bank.
You should continue to make your payments as agreed. Make checks payable to Omni National Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.
Any pre-payment penalty will be waived as long as FDIC as Receiver for Omni National Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for Omni National Bank will not be originating any
new loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance | (www.fdic.gov/deposit/index.html) |
Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
Washington, DC |
LaJuan Williams-Dickerson 202-898-3876 Lwilliams-dickerson@fdic.gov |
Yes. Your deposit at SunTrust Bank is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
You should visit your former Omni National Bank branch location to remove contents from your safe deposit box by April 27, 2009. Please be advised if you do not clear your safe deposit boxes before that date, the box will be drilled under dual control. The contents will be escheated to your state. You will receive a letter at the address listed on the bank’s record prior to your box being drilled.
The Omni National Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Omni Financial Services, Atlanta, GA, and not in the bank. Share price does not trigger a bank closing and was not the reason for this closure. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:
Omni Financial Services, Inc. Six Concourse Parkway, Suite 2300 Atlanta, GA 30328-6185 (770) 396-0000 |
Please send your bills to the following address:
FDIC as Receiver for Omni National Bank 1601 Bryan Street Dallas, TX 75201 |
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
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Last Updated 4/3/2009 | Customer Service |
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