Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership, 27320 [2011-11415]

Download as PDF 27320 Federal Register / Vol. 76, No. 91 / Wednesday, May 11, 2011 / Notices FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of AmTrust Bank, Cleveland, Ohio, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on April 30, 2011. FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (904) 256–3925. Written correspondence may also be mailed to FDIC as Receiver of AmTrust Bank, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, Florida 32256. SUPPLEMENTARY INFORMATION: On December 4, 2009, AmTrust Bank, Cleveland, Ohio, (FIN #10155) was closed by the Office of Thrift Supervision (‘‘OTS’’), and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver (‘‘Receiver’’). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with New York Community Bank, Westbury, New York, to acquire the deposits and most of the assets of the failed institution. Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. As of December 31, 2010, the value of assets available for distribution by the Receiver, together with anticipated recovery sources, including recoveries mstockstill on DSKH9S0YB1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 17:18 May 10, 2011 Jkt 223001 on claims against directors, officers, and other professionals, claims in bankruptcy, and refunds of Federal and state taxes, was $3,102,153,098. As of the same date, administrative expenses and depositor liabilities equaled $4,555,852,340, exceeding available assets by $1,453,699,242. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value. must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than June 6, 2011. A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President), 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. North Central Bancshares, Inc., Fort Dodge, Iowa; to become a bank holding company following the conversion of its subsidiary, First Federal Savings Bank of Iowa, Fort Dodge, Iowa, from a Federally chartered savings bank to a state chartered bank. Dated: May 5, 2011. Robert E. Feldman, Executive Secretary. Board of Governors of the Federal Reserve System, May 6, 2011. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. 2011–11415 Filed 5–10–11; 8:45 am] BILLING CODE 6714–01–P [FR Doc. 2011–11527 Filed 5–10–11; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The application also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Unless otherwise noted, comments regarding each of these applications PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 FEDERAL TRADE COMMISSION Granting of Request for Early Termination of the Waiting Period Under the Premerger Notification Rules Section 7A of the Clayton Act, 15 U.S.C. 18a, as added by Title II of the Hart-Scott-Rodin Antitrust Improvements Act of 1976, requires persons contemplating certain mergers or acquisitions to give the Federal Trade Commission and the Assistant Attorney General advance notice and to wait designated periods before consummation of such plans. Section 7A(b)(2) of the Act permits the agencies, in individual cases, to terminate this waiting period prior to its expiration and requires that notice of this action be published in the Federal Register. The following transactions were granted early termination—on the dates indicated—of the waiting period provided by law and the premerger notification rules. The listing for each transaction includes the transaction number and the parties to the transaction. The grants were made by the Federal Trade Commission and the Assistant Attorney General for the Antitrust Division of the Department of Justice. Neither agency intends to take any action with respect to these proposed acquisitions during the applicable waiting period. E:\FR\FM\11MYN1.SGM 11MYN1

Agencies

[Federal Register Volume 76, Number 91 (Wednesday, May 11, 2011)]
[Notices]
[Page 27320]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-11415]



[[Page 27320]]

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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of AmTrust Bank, Cleveland, Ohio, to make any distribution 
to general unsecured claims, and therefore such claims will recover 
nothing and have no value.

DATES: The FDIC made its determination on April 30, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (904) 256-3925. Written 
correspondence may also be mailed to FDIC as Receiver of AmTrust Bank, 
Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, 
Florida 32256.

SUPPLEMENTARY INFORMATION: On December 4, 2009, AmTrust Bank, 
Cleveland, Ohio, (FIN 10155) was closed by the Office of 
Thrift Supervision (``OTS''), and the Federal Deposit Insurance 
Corporation (``FDIC'') was appointed as its receiver (``Receiver''). In 
complying with its statutory duty to resolve the institution in the 
method that is least costly to the deposit insurance fund, see 12 
U.S.C. 1823(c)(4), the FDIC facilitated a transaction with New York 
Community Bank, Westbury, New York, to acquire the deposits and most of 
the assets of the failed institution.
    Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 
U.S.C. 1821(d)(11)(A), sets forth the order of priority for 
distribution of amounts realized from the liquidation or other 
resolution of an insured depository institution to pay claims. Under 
the statutory order of priority, administrative expenses and deposit 
liabilities must be paid in full before any distribution may be made to 
general unsecured creditors or any lower priority claims.
    As of December 31, 2010, the value of assets available for 
distribution by the Receiver, together with anticipated recovery 
sources, including recoveries on claims against directors, officers, 
and other professionals, claims in bankruptcy, and refunds of Federal 
and state taxes, was $3,102,153,098. As of the same date, 
administrative expenses and depositor liabilities equaled 
$4,555,852,340, exceeding available assets by $1,453,699,242. 
Accordingly, the FDIC has determined that insufficient assets exist to 
make any distribution on general unsecured creditor claims (and any 
lower priority claims) and therefore all such claims, asserted or 
unasserted, will recover nothing and have no value.

    Dated: May 5, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-11415 Filed 5-10-11; 8:45 am]
BILLING CODE 6714-01-P