Failed Bank Information

Information for Home Savings of America, Little Falls, MN

1. Introduction
2. Press Release
3. Is My Account Fully Insured
4. Acquiring Financial Institution
5. Question and Answer Guide
6. Banking Services
7. Loan Customers
8. Possible Claims Against the Failed Institution
9. Priority of Claims
10. Dividend Information
11. Brokered Deposits
12. Home Savings of America Contact Information
13. Balance Sheet Summary

I.  Introduction

On Friday, February 24, 2012, Home Savings of America, Little Falls, MN was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

II.  Press Release

The FDIC has issued a press release (PR-022-2012) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.

III.  Is My Account Fully Insured

This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.

Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.

Is My Account Fully Insured?

IV.  Acquiring Financial Institution

An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.

Principal and interest on insured accounts, through Friday, February 24, 2012, are fully insured by the FDIC, up to the insurance limit of $250,000.  You will receive full payment for your insured account.  Certain entitlements and different types of accounts can be insured for more than the $250,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.  If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-523-8089. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.

V.  Banking Services

On Friday, February 24, 2012, all accounts have been closed and you will receive a check up to your insured amount and a final statement from the FDIC. The online banking access is in read-only mode. Please note you will need to click continue to proceed past the FDIC announcement to access your online banking.

VI.  Loan Customers

If you had a loan with Home Savings of America, continue to make your payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to Home Savings of America.

VII.  Possible Claims Against the Failed Institution

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Home Savings of America after Friday, February 24, 2012 and have not been paid, you do not have a claim against Home Savings of America. Please follow your normal billing procedures by providing an invoice as instructed.

If you or your company provided a service or product, leased space, furniture, or equipment to Home Savings of America prior to Friday, February 24, 2012 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Home Savings of America prior to the bank's failure for which you have not been paid and you have not received communication, please contact:

Home Savings of America had no publicly owned stock. Equity shareholders were invested in the holding company, Home Savings Bancorp, Little Falls, MN, and not in the bank. Please do not file a claim with the Receiver, instead contact the holding company's registered agent with any questions you may have:

VIII.  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

IX.  Dividend Information

No dividends have been declared at this time.

Dividend Information on Failed Financial Institutions

X.  Brokered Deposits

The FDIC offers a 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 deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide