Failed Bank Information
Information for The Community's Bank, Bridgeport, CT
- Press Release
- Is My Account Fully Insured?
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- The Community's Bank Contact Information
- 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.
On Friday, September 13, 2013, The Community's Bank, Bridgeport, CT was closed by the Connecticut Department of Banking, 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.
II. Press Release
The FDIC has issued a press release (PR-082-2013) 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.
III. Is My Account Fully Insured
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.
IV. Acquiring Financial Institution
An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.
Principal and interest on insured accounts, through Friday, September 13, 2013, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All accounts that exceed the $250,000 insurance limit and/or all accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-430-6165. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.
VI. Banking Services
On Friday, September 13, 2013, all accounts were closed and you will receive a check up to your insured amount and a final statement from the FDIC. It is anticipated that the online banking access will be available in a read-only mode starting Monday September 16, 2013.
VII. Loan Customers
If you had a loan with The Community's 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 see A Borrower's Guide to an FDIC Insured Bank Failure for additional information or contact the FDIC at 1-800-430-6165 to schedule a telephone interview with a Loan Consultant with the FDIC.
VIII. Possible Claims Against the Failed Institution
TO THE CREDITORS OF THE FAILED INSTITUTION
Creditors must submit claims in writing, together with proof of the claim, on or before December 18, 2013 to the following address:
FDIC as Receiver for The Community's Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 12/18/2013. Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
If you or your company provided a service or product, leased space, furniture, or equipment to The Community's Bank prior to September 13, 2013 and have not been paid, you may have a claim against The Community's Bank.
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
TO URBAN FINANCIAL GROUP, INC. INVESTORS
All shares of The Community's Bank were owned by its holding company, Urban Financial Group, Inc., Bridgeport, CT. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Urban Financial Group, Inc., please do not contact or file a claim with the Receiver. You must contact Urban Financial Group, Inc. directly for information as follows:
Urban Financial Group, Inc.
1087 Broad Street
Bridgeport, CT 06604
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
X. Dividend Information
No dividends have been declared at this time.
XI. 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.