On Friday, January 21, 2011, Enterprise Banking Company, McDonough, GA was closed by the Georgia Department of Banking and Finance, 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.
II. Press Release
The FDIC has issued a press release (PR-010-2011) about the institution’s closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.
III. Is My Account Fully Insured?
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that “your account is fully insured” a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides your contact information.
IV. Deposit Insurance National Bank (DINB)
To protect the insured depositors, the FDIC created DINB OF McDonough, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations of Enterprise Banking Company. The new institution will remain open until Friday, January 28, 2011, to allow depositors access to their insured funds and time to move accounts to other insured institutions.
The bank will be open for a LIMITED period providing LIMITED services. If you do not transfer your funds by January 28, 2011; the FDIC will close your accounts and mail you a check for the remaining funds.
Principal and interest on insured accounts, through Friday, January 21, 2011, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
Noninterest-bearing accounts are fully insured regardless of amount. All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at (888) 206-4662. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
FDIC Call Center
Toll free number (888) 206-4662
Hours of Operation – Eastern Time
Friday, January 21, 2011: Until 9:00 p.m.
Saturday, January 22, 2010: 9:00 a.m. – 6:00 p.m.
Sunday, January 23, 2010: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Enterprise Banking Company. This means that you may eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
- Visit EDIE the FDIC’s Electronic Deposit Insurance Estimator
- View the FDIC Deposit Insurance Coverage Video
Your CD(s) will automatically be closed, and you will receive a check up to the insured amount from the FDIC. You will not be assessed an early withdrawal penalty. A hold may be in place on deposit accounts due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held.
VI. Banking Services
The ATM will not be available for a short period of time on Friday for processing. However, it will be operational shortly thereafter and available as usual until Wednesday, January 26, 2011.
Online services and Bill Pay will not be available after Friday, January 21, 2011.
Your checks will be processed as usual through Friday, January 28, 2011. All outstanding checks that clear prior to Friday, January 28, 2011 will be paid against your available insured balance(s) as if no change had occurred. 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, January 21, 2011 will be paid at your same rate.
Automatic direct deposit(s) will continue until close of business Friday, January 21, 2011.
VII. Loan Customers
If you had a loan with Enterprise Banking Company, 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.
Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.
VIII. Possible Claims Against the Failed Institution
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 Enterprise Banking Company after Friday, January 21, 2011 and have not been paid, you do not have a claim against Enterprise Banking Company. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Enterprise Banking Company prior to Friday, January 21, 2011 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 Enterprise Banking Company prior to the bank’s failure for which you have not been paid and you have not received communication, please contact:
FDIC as Receiver for
Enterprise Banking Company
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 04/27/2011.
Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep our office informed of any address change, should we need to contact you in the future.
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
X. Dividend Information
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.
ENTERPRISE BANKING CO. – Receivership Balance Sheet Summary
For Period Ending December 31, 2019
|Cash and Investments||$ 21,346|
|Due from FDIC Corp and Receivables||0|
|Assets in Liquidation||0|
|Estimated Loss on Assets in Liquidation(1)||0|
|Administrative Liabilities||$ 0|
|FDIC Subrogated Deposit Claim||65,095|
|Uninsured Deposit Claims||1|
|Other Claimant Liabilities||147|
|Total Liabilities(2)||$ 65,243|
|Net Worth (Deficit)||$ (43,897)|
|Total Liabilities and Net Worth||$21,346|
Claims Detail Summary (Unaudited)
|Proven Deposit Claims||Claim Balance||%|
|FDIC Subrogated Claim||$ 92,756||100%|
|SubTotal – Proven Deposit Claims||$ 92,758||100%|
|Less: Dividends Paid to Date||27,661||30%|
|Total Unpaid Deposit Claims||$65,097||70 %|
|Other Claimants||Claim Balance||%|
|General Creditor||$ 147||100%|
|Senior Debt Holders||0||0%|
|Subordinated Debt Holders||0||0%|
|SubTotal – Other Claimants||$ 147||100%|
|Less: Dividends Paid to Date||0||0%|
|Total Unpaid Other Claimants||$147||100 %|