Each depositor insured to at least $250,000 per insured bank

Question and Answer Guide

Mountain Heritage Bank, Clayton, GA


The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.

On Friday, June 24, 2011, Mountain Heritage Bank, Clayton, GA was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, First American Bank and Trust Company, Athens, GA acquired all the deposits and substantially all the assets of Mountain Heritage Bank from the FDIC as Receiver.

YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank.

ACCESS TO YOUR MONEY: You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches.

DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.

AUTOPAYMENTS/BILL PAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.

INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the new bank and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement.

BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. deposits, have been assumed by First American Bank and Trust Company. If you are a customer who has a Mountain Heritage Bank deposit through a broker, you must contact your broker with any questions.

SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.

OVERDRAFT LINES OF CREDIT: These lines have been transferred to the new bank. Please contact the new bank if you have additional questions regarding your accounts.

LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the old bank.

ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.

LOANS IN PROCESS: Please contact your current loan officer directly.

SHARES OF STOCK: Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep our office informed of any address change, should we need to contact you in the future.

CLAIMS: Please send claims for unpaid bills to the following address:

FDIC as Receiver for Mountain Heritage Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent

DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the new bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.

ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:

FDIC Call Center
Toll free number 1-800-823-5346
Hours of Operation – EASTERN Time
Friday, June 24, 2011:  Until 9:00 p.m.
Saturday, June 25, 2011:
  9:00 a.m. – 6:00 p.m.
Sunday, June 26, 2011:
  Noon – 6:00 p.m.
Thereafter:
  8:00 a.m. – 8:00 p.m.

SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.

For more information: www.fdic.gov/bank/individual/failed/mountain.html


Last Updated 03/21/2014 cservicefdicdal@fdic.gov