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Failed Bank Information
Reliance Bank, White Plains, NY, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Receivership Termination
I.  Introduction

On March 19, 2004, Reliance Bank, White Plains, NY was closed by the New York Superintendent of  Banks, 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 dividends 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  (PR-24-2004) about the institutionís closure.  If you represent a media outlet and would like information about the closure, please contact  Frank Gresock at 202-898-6993.

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III.  Acquiring Financial Institution

All deposit accounts were transferred to Union State Bank, Orangeburg, NY ("assuming institution") and were available as usual during regular business hours at the former Reliance Bank branch.

You may view more information about Union State Bank by visiting their web site. 

Union State Bank Web Site

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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:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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V.  Dividend Information
Dividend History on Reliance Bank

Dividend Information on Failed Financial Institutions
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VI.  Receivership Termination
The FDIC, as Receiver for Reliance Bank, White Plains, NY has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership in the New York Times on April 2, 2007.

The Receiver has made all dividend distributions required by law.

Effective October 31, 2007, the Receivership Estate has been terminated, the Receiver was discharged, and the Receivership Estate ceased existence as a legal entity.

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Last Updated 4/9/2008 Customer Service