Failed Bank Information
Information for Darby Bank & Trust Co., Vidalia, GA
- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Qualified Financial Contracts
- Purchase and Assumption Agreement (1.6 MB PDF File - PDF Help)
- Bid Summary
- Darby Bank & Trust Co. Contact Information
- Balance Sheet Summary
I. Introduction
On Friday, November 12, 2010, Darby Bank & Trust Co., Vidalia, GA was closed by the Georgia Department of Banking and Finance, 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.
Back to topII. Press Release
The FDIC has issued a press release (PR-249-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.
Back to topIII. Acquiring Financial Institution
All deposit accounts, excluding the Cede and Co. deposits, have been transferred to Ameris Bank, Moultrie, GA ("assuming institution") and will be available immediately. The former Darby Bank & Trust Co. locations will reopen as branches of Ameris Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Ameris Bank for six
months after the failure of Darby Bank & Trust Co. Checks
that were drawn on Darby Bank & Trust Co., that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-823-5028.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE - FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Ameris Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Ameris Bank by visiting their web site.
Ameris Bank (www.amerisbank.com)
Back to topV. Banking Services
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, November 12, 2010 will be paid at your same rate. Ameris Bank will be reviewing rates. You will be notified of any changes.
Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.
Back to topVI. Loan Customers
If you had a loan with Darby Bank & Trust Co., you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies of Ameris Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
Back to topVII. Possible Claims Against the Failed Institution
Determination of Insufficient Assets to Satisfy Claims Against Financial Institution in Receivership
SUMMARY: The FDIC has determined that insufficient assets exist in the receivership of Darby Bank & Trust Co., Vidalia, Georgia, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The FDIC made its determination on November 19, 2012.
If you have questions regarding this notice, you may contact an FDIC Claims Agent at (904) 256–3925. Written correspondence may also be mailed to:
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
SUPPLEMENTARY INFORMATION: On November 12, 2010, Darby Bank & Trust Co., Vidalia, Georgia, (FIN #10312) was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its receiver ("Receiver"). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. 1823(c)(4)), the FDIC facilitated a transaction with Ameris Bank, Moultrie, Georgia, to acquire all of the deposits and most of the assets of the failed institution.
Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims.
As of September 30, 2012, the maximum value of assets that could be available for distribution by the Receiver, together with maximum possible recoveries on professional liability claims against directors, officers, and other professionals, as well as potential tax refunds, was $125,488,526. As of the same date, administrative expenses and depositor liabilities equaled $173,303,177, exceeding available assets and potential recoveries by at least $47,814,651. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value.
DATED: December 18, 2012
Federal Register/Vol. 77, No. 247/Wednesday, December 26, 2012/Notices Pg. 76037
FAQ For "No Value" Determination Back to top
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
Back to topX. 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
XI. Qualified Financial Contracts
The FDIC as receiver for Darby Bank & Trust Co., Vidalia, Georgia, has transferred to Ameris Bank, Moultrie, Georgia, all Qualified Financial Contracts to which Darby Bank & Trust Co. was a party. Qualified Financial Contracts include swaps, options, futures, forwards, repurchase agreements and any other Qualified Financial Contract as defined in 12 U.S.C. Section 1821(e)(8)(D).
See related FDIC press release (PR-224-2010) dated November 12, 2010, for further information regarding Darby Bank & Trust Co..
