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Failed Bank Information
Information
for Park National Bank, Chicago, IL
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- Introduction
- Press Release
- Acquiring Financial Institution
- Question and Answer Guide
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (511
kb PDF File - PDF Help)
- Bid Summary
- Park National 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.
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| I. Introduction |
| On Friday, October 30, 2009, Park National Bank, Chicago, IL 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. |
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| II. Press
Release |
| The FDIC has issued a press release
(PR-195-2009) 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. |
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| III. Acquiring
Financial Institution |
| All deposit accounts have been transferred
to
U.S. Bank National Association (U.S. Bank), Minneapolis, MN ("assuming
institution")
and will be available immediately. The former Park National Bank locations will
reopen as branches of
U.S. Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at U.S. Bank for six
months after the failure of Park National Bank. Checks
that were drawn on Park 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 1-800-450-5668.
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
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with U.S. Bank as long as
the deposits are not pledged as collateral for loans. You may view more
information about U.S. Bank by visiting their web site.
U.S. Bank (www.usbank.com) |
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V. Banking Services |
| The Automated Teller Machines (ATM) and online service will remain available.
During regular business hours,
you may continue to use the services to which you previously had access,
such
as
safe deposit boxes, night deposit boxes, wire services,
etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. 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, October 30, 2009, will
be paid at your same rate. U.S. Bank will
be reviewing rates. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
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| VI. Loan
Customers |
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If you had a loan with Park National 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 contact
your loan officer.
For all questions regarding new loans and the lending policies of U.S. Bank,
please contact your branch office.
Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
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| VII. Possible
Claims Against the Failed Institution |
If you or your company provided a service or product, leased space, furniture,
or equipment to Park National Bank after
Friday, October 30, 2009 and have not
been paid, you do not have
a claim against Park National Bank. Please follow
your normal billing procedures by providing an invoice as instructed.
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 Park National Bank prior
to Friday, October 30, 2009 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 Park National Bank prior to the bank's failure for
which you have not
been
paid
and you have not received communication, please
contact:
Federal Deposit Insurance Corporation
Receiver: Park National Bank
1601 Bryan Street
Dallas, Texas 75201
Attention: Claims Agent
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Please note: There are time limits for filing a claim, your claim must be filed on or before 2/3/2010.
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| VIII. 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
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IX. Dividend Information |
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Dividend Information on Failed Financial Institutions |
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X. 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.
Deposit Broker's Processing
Guide |
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| General Disclaimer |
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