Meritor Savings Bank (Philadelphia, Pennsylvania)
Information for Shareholders
- Final Legal Notice
- Notice to Current Shareholders of Meritor Savings Bank
- Meritor Cover Memo
- Meritor Claim Form (45 KB PDF File - PDF Help)
- FAQ
- Contact Us
MERITOR SAVINGS BANK, Philadelphia, Pennsylvania
FINAL LEGAL NOTICE
Notice to Current Shareholders of Meritor Savings Bank (Formerly Philadelphia Savings Fund Society) of Philadelphia, Pennsylvania
LAST DATE TO FILE A CLAIM WITH FDIC-RECEIVER IS
DECEMBER 31, 2012
On December 15, 2011, the United States Court of Federal Claims issued a Final Order in Frank P. Slattery, Jr., et al. v. The United States (Civil Action No. 93-280 C) which resulted in a $276 million judgment in favor of current Meritor shareholders. The Order designated the Federal Deposit Insurance Corporation, as Receiver ("FDIC-Receiver") for Meritor Savings Bank ("Meritor") as the Paying Agent. The FDIC-Receiver has been ordered by the Court to make payments and distributions as set forth in the Order. On March 1, 2012 the FDIC-Receiver commenced making distributions on submitted claims.
The FDIC-Receiver maintains a website at www.fdic.gov/bank/individual/failed/meritor.html which provides current shareholders with the claims procedures so that they may make a claim for their pro-rata share of the distribution. THE FINAL DATE TO FILE A CLAIM WITH FDIC-RECEIVER FOR YOUR PRO-RATA SHARE IS DECEMBER 31, 2012.
If your shares are held through a financial institution or broker you are a beneficial owner and you will not need to take any action. Your distribution has been paid directly by the FDIC-Receiver to the Depository Trust & Clearing Corporation (DTC) which serves as nominee and record owner for brokerage firms and financial institutions. The DTC distributed the funds to your broker or financial institution to be credited to your account.
If you are in possession of your share certificate(s), you must follow the claims procedures posted on the above referenced website in order to receive your pro-rata share of the distribution. THE FINAL DATE TO FILE A CLAIM WITH FDIC-RECEIVER FOR YOUR PRO-RATA SHARE IS DECEMBER 31, 2012. You may request claim forms and instructions via email or direct mail. Email requests should be sent to meritor@fdic.gov and mail requests to:
Federal Deposit Insurance Corporation as Receiver
Meritor Paying Agent
1601 Bryan St., Mail Stop 32-1
Dallas, TX 75201
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MERITOR SAVINGS BANK, Philadelphia, Pennsylvania
Notice to Current Shareholders of Meritor Savings Bank (Formerly Philadelphia Savings Fund Society) of Philadelphia, Pennsylvania
March 1, 2012
On December 15, 2011, the United States Court of Federal Claims issued a Final Order (194 KB PDF File - PDF Help) in Frank P. Slattery, Jr., et al. v. The United States (Civil Action No. 93-280 C) which resulted in a $276 million judgment in favor of current Meritor shareholders. The Order designated the Federal Deposit Insurance Corporation, as Receiver (“FDIC-Receiver”) for Meritor Savings Bank (“Meritor”) as the Paying Agent. The FDIC-Receiver has been ordered by the Court to make payments and distributions as set forth in the Order.
The FDIC-Receiver has established a website at www.fdic.gov/bank/individual/failed/meritor.html which provides current shareholders with the claims procedures so that they may make a claim for their pro-rata share of the distribution.
If your shares are held through a financial institution or broker you are a beneficial owner and you will not need to take any action. Your distribution will be paid directly by the FDIC-Receiver to the Depository Trust & Clearing Corporation (DTC) which serves as nominee and record owner for brokerage firms and financial institutions. The DTC will distribute the funds to your broker or financial institution to be credited to your account.
If you are in possession of your share certificate(s), you must follow the claims procedures posted on the above referenced website in order to receive your pro-rata share of the distribution. The FDIC-Receiver will also send an individual notice to shareholders to the best available address at the time of the mailing. You may also request claim forms and instructions via email or direct mail. Email requests should be sent to meritor@fdic.gov and mail requests to:
Federal Deposit Insurance Corporation as Receiver
Meritor Paying Agent
1601 Bryan St., Mail Stop 32-1
Dallas, TX 75201
TO: Shareholders of Meritor Savings Bank
(Formerly the Philadelphia Savings Fund Society)
Philadelphia, Pennsylvania
FROM: Federal Deposit Insurance Corporation as Receiver
Paying Agent for Meritor Savings Bank (“Meritor”)
SUBJECT: Notice of Claims Process - Distribution of judgment awarded to current shareholders of Meritor Savings Bank in Frank P. Slattery, Jr., et al. v. United States (U.S. Court of Federal Claims, Civil Action No. 93-280)
Meritor Savings Bank of Philadelphia, Pennsylvania was closed by the Pennsylvania Department of Banking on December 11, 1992. The Federal Deposit Insurance Corporation was appointed Receiver (“FDIC-Receiver”). On December 15, 2011, the Court issued a Final Order in Frank P. Slattery, Jr., et al. v. The United States, which resulted in a $276 million judgment payable to the current Meritor shareholders. The Order designated the FDIC-Receiver as the Paying Agent to distribute the pro-rata share of the judgment to the current shareholders of Meritor.
You have received this notice, with attachments, because the Meritor shareholder records indicate that you may be a current shareholder in possession of Meritor stock certificates. There were approximately 16,000 shareholders of record when Meritor was closed in 1992. Since then holders of record may have sold or otherwise transferred their shares. Only the current holders of the share certificates are entitled to a pro-rata share of the distribution.
Enclosed are the forms and instructions for filing a claim. If you are a current shareholder and you have the actual share certificates in your possession, you must file a claim for your pro-rata share of the distribution on these share certificates. All required forms must be accurately completed and returned to FDIC-Receiver at the address noted in the instructions in order for you to receive your distribution. Accordingly, you should carefully read the Instructions to Shareholders before completing any of the required documents. The FDIC-Receiver has established a web-page at www.fdic.gov/bank/individual/failed/meritor.html which contains Frequently Asked Questions and Answers (FAQs), downloadable forms, and other information concerning the distribution. The FDIC-Receiver will review your claim and upon verification of your submission, will mail you a check representing your pro-rata distribution. Please allow 2-4 weeks for processing, or longer for incomplete or complex claims.
Meritor Claim Form (45 KB PDF File - PDF Help)
If you also have shares of stock that are held through a nominee holder (e.g. Depository Trust Clearing Corporation (DTC)) do not file a claim for your pro-rata share of the distribution on those share certificates. The FDIC-Receiver is required to make a distribution directly to DTC which serves as nominee and record owner for brokerage firms and financial institutions for all the shares held by it. DTC will distribute the funds for your pro-rata distribution to your broker or financial institution to be credited to your account. You should direct any questions about that distribution process to your broker or financial institution.
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Frequently Asked Questions
Meritor Savings Bank
(Formerly Philadelphia Savings Fund Society – PSFS)
Philadelphia, PA
(In Receivership – FIN 4556 – Failed 12/11/1992)
1. How do I know if I'm a shareholder?
Answer: You currently hold in your possession Meritor Savings Bank, Philadelphia, PA stock certificate(s) in your name (or a certificate that has been transferred to you) or if you hold stock in your investment portfolio (identified by a current statement from your Broker).
2. I owned stock in Meritor Savings Bank when it failed, but later sold the stock. Am I entitled to the distribution?
Answer: No. Per the Final Order in Frank P. Slattery, Jr., et al. v. The United States, distribution eligibility is limited to current owners of the stock.
3. My stock certificate was retained by my broker, so what must I do to get my distribution?
Answer: If your shares of stock are held through a nominee holder (e.g. Depository Trust Clearing Corporation (“DTC”)) or a depository institution such as a bank or brokerage firm, do not file a claim. The FDIC-Receiver is required to make a distribution directly to DTC which serves as nominee and record owner for brokerage firms and financial institutions for all shares held by DTC. Your broker or financial institution will credit your account with your pro-rata distribution. You should direct any questions about that distribution process to your broker or financial institution.
4. Because I lost my stock certificate, what must I do in order to get a distribution?
Answer: If your stock certificate was lost or destroyed, you will be required to complete an Affidavit of Lost, Missing, or Destroyed Certificate(s) (PDF - see page 5). You should also provide any documentation supporting the affidavit. This and other required forms will be available to download off the FDIC web page beginning March 1, 2012. Instructions for completion and submission of forms will be available on the web page as well.
5. Though I own a share certificate, the certificate is not in my name. What's necessary for me to get a distribution payment?
Answer: It is customary for share certificates to be transferred by the owner to the purchaser by recording the sale (transfer) on the reverse side of the certificate. Share certificates which reflect the recorded sale (transfer) will ordinarily be accepted by the FDIC-Receiver, but must be accompanied by the Certification of Claim and a Form W-9.
6. How will this distribution affect my taxes?
Answer: A 1099-DIV form will be sent to you at year end either directly from the FDIC-Receiver or your brokerage firm that is holding your shares. You should seek advice from a tax professional or the IRS to determine any tax effect this distribution may have upon you.
7. What should be submitted for a deceased shareholder by the executor of an estate?
Answer: In addition to the documents required by the FDIC-Receiver to file a claim, you will need to provide a certified copy of the shareholder’s death certificate and copies of the papers appointing the executor and any documents conveying the property of the deceased, such as a probated will.
8. Does the shareholder need to sign the back of the stock certificate to claim their distribution?
Answer: No.
9. If more than one name is listed on the stock certificate, do all Tax Identification Numbers need to be listed on the W-9?
Answer: A separate W-9 should be prepared for each name claiming the distribution. .
10. What number are the certificate and account numbers?
Answer: The five (5) digit certificate number appears in the upper left corner of the certificate. The five digits are preceded by 1 to 3 letters (e.g. C 12345 or LIC 12345)
The account number is found in the center of the certificate above the name and address. The first four digits are generally 1533 or 1533-0 or 1533-00. This is followed by a nine (9) digit number (e.g. 1533 1234 – 5 - 6789)
11. How do I contact you?
Answer:
Via email at meritor@fdic.gov
Via phone at 866-621-9281
Via Mail at Federal Deposit Insurance Corporation as Receiver
Meritor Paying Agent
1601 Bryan St., Mail Stop 32-1
Dallas, TX 75201
Please note that the Paying Agent will only accept original documents mailed to the above address for processing a claim for payment.
12. Will I receive an acknowledgement from the Paying Agent upon their receipt of my certificate and other documents?
Answer: No, the Paying Agent will not be providing this acknowledgement. It is suggested that you send your claim in such a manner that you will receive a delivery confirmation from the entity you chose (e.g. USPS, FedEx, UPS, etc.). Please do not call the Paying Agent as the agents handling the calls will not have that information.
13. How long will it take to process my claim?
Answer: Please allow 2 to 4 weeks to receive your check(s). It will take longer for incomplete or complex claims. The Paying Agent may contact you for further information.
14. May I speak to someone in my native tongue?
Answer: Yes. Ask the operator at the beginning of your call to connect you with an operator / interpreter in your preferred language.
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Contact Us
Via email at meritor@fdic.gov
Via phone at 866-621-9281
Via Mail at:
Federal Deposit Insurance Corporation as Receiver
Meritor Paying Agent
1601 Bryan St., Mail Stop 32-1
Dallas, TX 75201
Please note that the Paying Agent will only accept original documents mailed to the above address for processing a claim for payment.
