Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership, 76037 [2012-30837]

Download as PDF Federal Register / Vol. 77, No. 247 / Wednesday, December 26, 2012 / Notices FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice; second correction. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of Darby Bank and Trust Co., Vidalia, Georgia, to make any distribution on general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on November 19, 2012. 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 Darby Bank and Trust Co., Attention: Claims Agent, 8800 Baymeadows Way West, Jacksonville, FL 32256. SUPPLEMENTARY INFORMATION: On November 12, 2010, Darby Bank and Trust Co., Vidalia, Georgia, (FIN #10312) was closed by the Georgia Department of Banking and Finance, 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 Ameris Bank, Moultrie, Georgia, to acquire all of the deposits and most of the assets of the failed institution. SUMMARY: Section 11(d)(11)(A) of the FDI 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 September 30, 2012, the maximum value of assets that could be available for distribution by the Receiver, together with maximum possible recoveries on professional liability claims against directors, officers, and other professionals, as well as potential tax refunds, was $125,488,526. As of the same date, administrative expenses and depositor liabilities equaled $173,303,177, exceeding available assets and potential recoveries by at least $47,814,651. 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. On November 27, 2012, the FDIC published a notice in the Federal Register (77 FR 70779), incorrectly reciting that the date of determination was November 11, 2012. This correction recites the actual date of determination and the actual date of the publication of corrected notice. Dated: December 18, 2012. Valerie J. Best, Assistant Executive Secretary. 76037 FEDERAL DEPOSIT INSURANCE CORPORATION Update to Notice of Financial Institutions for Which the Federal Deposit Insurance Corporation Has Been Appointed Either Receiver, Liquidator, or Manager Federal Deposit Insurance Corporation. AGENCY: Update Listing of Financial Institutions in Liquidation. ACTION: Notice is hereby given that the Federal Deposit Insurance Corporation (Corporation) has been appointed the sole receiver for the following financial institutions effective as of the Date Closed as indicated in the listing. This list (as updated from time to time in the Federal Register) may be relied upon as ‘‘of record’’ notice that the Corporation has been appointed receiver for purposes of the statement of policy published in the July 2, 1992 issue of the Federal Register (57 FR 29491). For further information concerning the identification of any institutions which have been placed in liquidation, please visit the Corporation Web site at www.fdic.gov/bank/ individual/failed/banklist.html or contact the Manager of Receivership Oversight in the appropriate service center. SUMMARY: Dated: December 17, 2012. Federal Deposit Insurance Corporation. Pamela Johnson, Regulatory Editing Specialist. [FR Doc. 2012–30837 Filed 12–21–12; 8:45 am] BILLING CODE 6714–01–P INSTITUTIONS IN LIQUIDATION [In alphabetical order] FDIC Ref. No. Bank name City 10467 ................................... Community Bank of the Ozarks ........................................ Sunrise Beach ..................... BILLING CODE 6714–01–P 60-day Notice of Submission of Information Collection for Approval from the Office of Management and Budget. FEDERAL HOUSING FINANCE AGENCY SUMMARY: [FR Doc. 2012–30939 Filed 12–21–12; 8:45 am] tkelley on DSK3SPTVN1PROD with [No. 2012–N–19] Proposed Collection; Comment Request AGENCY: Federal Housing Finance Agency. VerDate Mar<15>2010 06:31 Dec 22, 2012 Jkt 229001 ACTION: In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking public comments concerning a currently approved information collection known as ‘‘Affordable Housing Program (AHP),’’ which has been assigned control number 2590– PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 State MO Date closed 12/14/2012 0007 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three year extension of the control number, which is due to expire on February 28, 2013. DATES: Interested persons may submit comments on or before February 25, 2013. Comments: Submit comments to FHFA using any of the following methods: • Email: regcomments@fhfa.gov. Please include Proposed Collection; E:\FR\FM\26DEN1.SGM 26DEN1

Agencies

[Federal Register Volume 77, Number 247 (Wednesday, December 26, 2012)]
[Notices]
[Page 76037]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30837]



[[Page 76037]]

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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; second correction.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Darby Bank and Trust Co., Vidalia, Georgia, to make any 
distribution on general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on November 19, 2012.

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 Darby Bank and 
Trust Co., Attention: Claims Agent, 8800 Baymeadows Way West, 
Jacksonville, FL 32256.

SUPPLEMENTARY INFORMATION: On November 12, 2010, Darby Bank and Trust 
Co., Vidalia, Georgia, (FIN 10312) was closed by the Georgia 
Department of Banking and Finance, 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 Ameris 
Bank, Moultrie, Georgia, to acquire all of the deposits and most of the 
assets of the failed institution.
    Section 11(d)(11)(A) of the FDI 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 September 30, 2012, the maximum value of assets that could be 
available for distribution by the Receiver, together with maximum 
possible recoveries on professional liability claims against directors, 
officers, and other professionals, as well as potential tax refunds, 
was $125,488,526. As of the same date, administrative expenses and 
depositor liabilities equaled $173,303,177, exceeding available assets 
and potential recoveries by at least $47,814,651. 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.
    On November 27, 2012, the FDIC published a notice in the Federal 
Register (77 FR 70779), incorrectly reciting that the date of 
determination was November 11, 2012. This correction recites the actual 
date of determination and the actual date of the publication of 
corrected notice.

    Dated: December 18, 2012.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2012-30837 Filed 12-21-12; 8:45 am]
BILLING CODE 6714-01-P
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