Failed Bank Information
Information for Bay National Bank, Baltimore, MD
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (862 KB PDF File - PDF Help)
- Bid Summary
- Receivership Termination
I. Introduction
On Friday, July 9, 2010, Bay National Bank, Baltimore, MD was closed by the Office of the Comptroller of the Currency, 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.
Back to topII. Press Release
The FDIC has issued a press release
(PR -149 -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.
III. Acquiring Financial Institution
All deposit accounts have been transferred to Bay Bank, FSB, Lutherville, Maryland. ("assuming institution") and will be available immediately. The former Bay National Bank locations will reopen as Bay Bank, FSB during regular business hours.
Checks
that were drawn on Bay National 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 1-800-387-1257.
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
IV. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
V. Dividend Information
Dividend Information on Failed Financial Institutions
VIII. Receivership Termination
The FDIC as Receiver for Bay National Bank has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in Bay National Bank on August 27, 2012.
The Receiver has made all dividend distributions required by law.
Effective November 26, 2012, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity
