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

Failed Bank Information

Information for USA Bank, Port Chester, NY

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
  5.      En Español
  6. Banking Services
  7. Loan Customers
  8. Possible Claims Against the Failed Institution
  9. Priority of Claims
  10. Dividend Information
  11. Brokered Deposits
  12. Purchase and Assumption Agreement (1 MB PDF File - PDF Help)
  13. Bid Summary
  14. USA Bank Contact Information
  15. Balance Sheet Summary
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.

I.  Introduction

On Friday, July 9, 2010, USA Bank, Port Chester, NY was closed by the New York State Banking Department, 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.

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II.  Press Release

The FDIC has issued a press release (PR-151-2010) 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.

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III.  Acquiring Financial Institution

All deposit accounts, excluding certain brokered deposits, have been transferred to New Century Bank (doing business as Customers 1st Bank), Phoenixville, PA ("assuming institution") and will be available immediately.  The former USA Bank location will reopen as a branch of Customers 1st Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Customers 1st Bank for six months after the failure of USA Bank. Checks that were drawn on USA Bank 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 1-800-405-8251.

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 Customers 1st Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Customers 1st Bank by visiting their web site.

Customers 1st Bank (http://customersfirstbank.com)

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V.  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, July 9, 2010 will be paid at your same rate.  Customers 1st 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 top

VI.  Loan Customers

If you had a loan with USA Bank, 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 Customers 1st Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

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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 USA Bank after Friday, July 9, 2010 and have not been paid, you do not have a claim against USA Bank. 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 USA Bank prior to Friday, July 9, 2010 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 USA Bank prior to the bank's failure for which you have not been paid and you have not received communication, please contact:

FDIC as Receiver for USA Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claims Agent

Please note: There are time limits for filing a claim, your claim must be filed on or before 10/13/2010.

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. 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:

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

 
Dividend History on USA Bank

Dividend Information on Failed Financial Institutions Back to top

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

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Last Updated 09/14/2012 cservicefdicdal@fdic.gov