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Connecticut: FDIC Approves the Payout of the Insured Deposits of The Community's Bank

 

Sept 16 - The FDIC has approved the payout of the insured deposits of The Community's Bank, Bridgeport, Conn. The bank has been closed by the Connecticut Department of Banking, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of The Community's Bank. The FDIC will mail checks directly to depositors of The Community's Bank for the amount of their insured money. As a convenience to depositors, the FDIC has made arrangements with People's United Bank, Bridgeport, Conn., to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments for 90 days. The two People's United Bank locations designated to service The Community's Bank's customers receiving federal government direct deposit payments are as follows: 4531 Main St., Bridgeport, CT. located inside the Brookside Stop and Shop Supermarket, and 58 Boston Ave., Bridgeport, CT.

Customers with questions about the transaction, including those with accounts in excess of $250,000, should call the FDIC toll-free at 800-430-6165. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/commbank-ct.html.

As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

The FDIC as receiver will retain all the assets from The Community's Bank for later disposition. Loan customers should continue to make their payments as usual.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $7.8 million. The Community's Bank is the 21st FDIC-insured institution to fail in the nation this year, and the first in Connecticut. The last FDIC-insured institution closed in the state was Connecticut Bank of Commerce, Stamford, on June, 26, 2002.


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