CUSTOMERS AWAIT CHECKS TO BE MAILED FROM FAILED BANK 10-2010
SAVANNAH CLARK FILMS
2010-10-26
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Link From: http://www.newzzcafe.com/
"The bank has been closed," Brennan said Saturday morning outside the Bullhead City branch at 1750 Highway 95, "and it's not going to reopen. It's gone out of business and no longer exists."
What that means is that all accounts with First Arizona Savings are frozen — funds are unavailable to account holders. The FDIC will begin liquidating all holdings. Among the first steps will be sending checks to all depositors to cover their insured accounts — the FDIC insures individual accounts of up to $250,000. The check distribution process is scheduled to begin Monday, according to a release sent out by the FDIC Friday night.
Customers who use direct deposit for Social Security, Veterans Administration benefits or other checks drawn on the U.S. Treasury will have those deposits diverted to Mutual of Omaha Bank.
"The bank has been closed," Brennan said Saturday morning outside the Bullhead City branch at 1750 Highway 95, "and it's not going to reopen. It's gone out of business and no longer exists."
What that means is that all accounts with First Arizona Savings are frozen — funds are unavailable to account holders. The FDIC will begin liquidating all holdings. Among the first steps will be sending checks to all depositors to cover their insured accounts — the FDIC insures individual accounts of up to $250,000. The check distribution process is scheduled to begin Monday, according to a release sent out by the FDIC Friday night.
Customers who use direct deposit for Social Security, Veterans Administration benefits or other checks drawn on the U.S. Treasury will have those deposits diverted to Mutual of Omaha Bank.
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