Edward Palonek Announces The List Of Bank Failures In 2012 That Deposit Holders May Have Unclaimed Insured Deposits And Dividends That Can Still Be Claimed

LAS VEGAS, NV, July 05, 2012 (Press-News.org) When a bank or a savings and loan institution closes down the Federal Deposit Insurance Corporation (FDIC) is appointed receiver so that they can sell off the institutions assets and refund the unclaimed deposits to people that had accounts with them.

When a company goes bankrupt, a receiver normally comes in to oversee the selling of the assets and to give anything that is left over after the sales to the creditors. The same applies to Banks and Savings and Loans companies. The FDIC steps in and starts to sell all the assets of the failed bank. The creditors in this case are the insured deposit holders and if the FDIC distributes any excess cash generated from the sale (after expenses and the reserves are met), to the deposit holders in the form of dividends. According to Edward Palonek, founder of Foundmoney.com, a company that provides information to Americans on where they may find lost or forgotten assets and cash, "some of these dividends become unclaimed because the FDIC does not have the correct address for the unclaimed account holder." Foundmoney was the first company on the Internet to help people located these lost or forgotten money.

"This is quite common for accounts and dividend checks to remain unclaimed, since many of the account holders of the failed banks and savings and loans companies have been held by them for quite some time and the account holders move around and forget to inform the bank of their move. The dividend checks then end up getting returned since that person is no longer at the address the bank once had", says Palonek.

The FDIC acts in two capacities when the failed institutions close their doors which is normally done by the federal or state banking regulatory agency, because the minimal requires are not being met. Generally speaking, a bank is closed when it is unable to meet its obligations to depositors and others.

The first capacity of FDIC is that of the insurer of the bank's deposits. FDIC pays insurance to the depositors up to the insurance limit, which is $250,000. Anything over this amount is not insured by them. The FDIC's second capacity is that of a "Receiver" of the failed institution. It then becomes the FDIC's responsibilities is to sell the assets to pay the depositors and its creditors.

According to reports from the FDIC, as of the end of May, 2012, there are 23 bank failures. There are an additional 7 ending June 15 of this year. Past years had 92 bank failures in 2011, while 157 failures were reported in 2010. 2012 is looking like a better year, which is most likely attributed to a better economy in the USA.

The 2012 list of Bank Failures is as follows:

The Farmers Bank of Lynchburg, Lynchburg, TN
Security Exchange Bank, Marietta, GA
Putnam State Bank, Palatka, FL
Waccamaw Bank, Whiteville, NC
Farmers' and Traders' State Bank, Shabbona, IL
Carolina Federal Savings Bank, Charleston, SC
First Capital Bank, Kingfisher, OK
Alabama Trust Bank, National Association (N.A.), Sylacauga, AL
Security Bank, National Association (N.A.), North Lauderdale, FL
Palm Desert National Bank, Palm Desert, CA
Plantation Federal Bank, Pawleys Island, SC
Inter Savings Bank, fsb D/B/A InterBank, fsb, Maple Grove, MN
HarVest Bank of Maryland, Gaithersburg, MD
Bank of the Eastern Shore, Cambridge, MD
Fort Lee Federal Savings Bank, FSB, Fort Lee, NJ
Fidelity Bank, Dearborn, MI
Covenant Bank & Trust, Rock Spring, GA
New City Bank, Chicago, IL
Global Commerce Bank, Doraville, GA
Home Savings of America, Little Falls, MN
Central Bank of Georgia, Ellaville, GA
SCB Bank, Shelbyville, IN
Charter National Bank and Trust, Hoffman Estates, IL
BankEast, Knoxville, TN
Patriot Bank Minnesota, Forest Lake, MN
Tennessee Commerce Bank, Franklin, TN
First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, FL
American Eagle Savings Bank, Boothwyn, PA
The First State Bank, Stockbridge, GA
Central Florida State Bank, Belleview, FL

According to Palonek, the trend of Bank Closures may be decreasing but there are still a great deal of unclaimed dividends and insured deposit monies from the previous years that have not been claimed. Some of these unclaimed accounts could amount to a few hundred dollars or even a few thousand dollars. This new found money could be used to help pay down any loans, mortgages or overdraft limits that people hold.

Contact

Foundmoney at http://www.foundmoney.com
Edward Palonek at http://www.edwardpalonek.org

Each year, thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer or insurance company with a forwarding address. Foundmoney.com helps you locate that money.