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Bank Failures

Returned Check Letter

Federal Deposit Insurance Corporation
Dallas Regional Office
1601 Bryan Street, Dallas, TX, 75201

 

March 9, 2012

 

To Whom It May Concern:

On Friday, March 9, 2012, The Illinois Department of Financial and Professional Regulation – Division of Banking closed New City Bank, Chicago, IL.  Subsequently, the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver.  According to regulatory policy, there is no advance notice given to the public.

Because there was not an acquiring financial institution to purchase the deposits, any outstanding checks are being returned “Bank Closed.”  This situation was the result of the bank failure and is not a reflection on the depositors of the bank.

Since depositors of New City Bank were not aware of the potential receivership, they believed their checks would clear in the normal course of business.  Therefore, we ask that you consider waiving any returned check charges and penalties due to these special circumstances.

Your cooperation and understanding are greatly appreciated.  Should you have any questions or concerns regarding this matter, please contact the FDIC Call Center for New City Bank at 800-523-8173 for further assistance.

Sincerely,

Division of Resolution and Receiverships
Federal Deposit Insurance Corporation

Last Updated: April 24, 2012