FDIC Call Center
Toll free number 1-800-355-0650
Hours of Operation – Eastern Time
March 19, 2010:
Until 9:00 p.m.
March 20, 2010:
a.m. – 6:00
March 21, 2010:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, March 19, 2010, Century Security Bank, Duluth, GA
was closed by the Georgia Department of Banking and Finance. The Federal
was then named Receiver. Subsequent to the closure, Bank
of Upson, Thomaston, GA acquired substantially all the
of Century Security Bank
from the FDIC as Receiver for Century Security Bank. Any claims by equity holders
were not acquired.
The total balance in your account(s) has been transferred to Bank of Upson and will be available for transactions during regular business
the former Century Security Bank branches.
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with Century Security Bank?
If you had an account with Century Security Bank, you now have an account
with Bank of Upson, Thomaston, GA. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to Bank of Upson, regardless of the dollar amount. No one
lost any money
on deposit in Century Security Bank.
Customers of both banks should continue to use their existing branches until
Bank of Upson can fully integrate the deposit records of Century Security Bank.
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or Bank of Upson to
provide any private information.
be watchful for and resist any such scams to obtain information from you by
individuals or entities purporting to act on behalf of Century Security
of Upson, or theFDIC.
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of all
deposit accounts, excluding the Cede & Co. brokered deposits, have been
assumed by Bank of Upson. The FDIC retained the Cede & Co. brokered
deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing,
Bank of Upson will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
Bank of Upson shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a Century Security Bank deposit through a broker, you must contact your broker with any questions.
Existing Deposits at Bank of Upson:
I already have other deposit accounts with the new bank. When combined with balances at this bank,
my deposits exceed $250,000. Are all funds insured?
The accounts transferred to Bank of Upson will be separately
insured for at least six months after the merger. This grace period gives
a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the
six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar
amount (either with or without accrued interest) continue to be separately insured until the first maturity
date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, March 19, 2010,
will be paid at your existing rate. Bank of Upson will review
rates and notify you if interest rates will change.
Your interest rate may be reduced.
You may withdraw funds from any transferred account without an early withdrawal
penalty until you enter into a new deposit agreement with your new bank.
Entering into a new deposit agreement can be done by either renewing your
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Century Security Bank?
All mortgages and loans have been assumed by Bank of Upson. Your
payment amount and due date are the same. If you are having your
payment deducted from your account, it will continue as it has
in the past. You
should continue to make your checks payable to Century Security Bank
and send your payments to the same address.
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.
Why do all deposits, insured or not, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.