Failed Bank Information
Information for Waterfield Bank, Germantown, MD
- Press Release
- Is My Account Fully Insured?
- National Deposit Institution (NDI)
- Question and Answer Sheet
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (2.7 mb PDF File - PDF Help)
- Waterfield 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, March 5, 2010, Waterfield Bank, Germantown, MD was closed by the Office of Thrift Supervision, and the 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-045-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.
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. National Deposit Institution (NDI)
To protect the insured depositors, the FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions.
For the Waterfield Bank deposit accounts that were placed at Waterfield Bank, insurance checks for their certificates of deposit and individual retirement accounts will be mailed on Monday, March 8, 2010, to addresses on record with Waterfield Bank.
For the Waterfield Bank deposit accounts that were placed at a Participating Bank, receivership distribution checks for their certificates of deposit and individual retirement account balances will be mailed on Monday, March 8, 2010, to addresses on record with Waterfield Bank.
Principal and interest on insured accounts, through Friday, March 5, 2010, 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 interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing 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 1-800-830-4735. 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.
FDIC Call Center
Toll free number 1-800-830-4735
Hours of Operation – Eastern Time
Friday, March 5, 2010: Until Midnight
Saturday, March 6, 2010: 9:00 a.m. - 9:00 p.m.
Sunday, March 7, 2010: Noon - 9:00 p.m.
Thereafter Week Days: 8:00 a.m. - 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Waterfield Bank. This means that you may eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
Your CD(s) will automatically be closed, and you will receive a check up to the insured amount from the FDIC. You will not be assessed an early withdrawal penalty. A hold may be in place on deposit accounts due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held.
VI. Banking Services
The ATM will not be available for a short period of time on Friday for processing. However, it will be operational shortly thereafter and available as usual until March 31 2010.
Online services will be in a read-only mode until Monday, March 8, 2010. Billpay will be available until April 1, 2010.
Your checks will be processed as usual through April 5, 2010. All outstanding checks that clear prior to April 5, 2010 will be paid against your available insured balance(s) as if no change had occurred. 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, March 5, 2010, will be paid at your same rate.
Automatic direct deposit(s) will continue until close of business April 2, 2010.
VII. Loan Customers
If you had a loan with Waterfield Bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract, because they are contractually agreed to in your promissory note with the failed institution. 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.
Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
VIII. 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 Waterfield Bank after Friday, March 5, 2010 and have not been paid, you do not have a claim against Waterfield 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 Waterfield Bank prior to Friday, March 5, 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 Waterfield 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 Waterfield Bank
1601 N. 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 6/10/2010.
The Waterfield Bank had no publicly owned stock. Equity shareholders were invested in the holding company, Affinity Financial Corporation, Irvine, California, and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:
Affinity Financial Corporation
18881 Von Karman Avenue, Suite 17000
Irvine, CA 92612
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
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.