Introduction
Home National Bank, formerly located in Blackwell, Oklahoma, was closed on Friday, July 9, 2010, by the Office of the Comptroller of the Currency. Following the closure, the Federal Deposit Insurance Corporation (FDIC) was appointed as Receiver. This action is standard procedure when a financial institution fails, and the FDIC takes over to manage the resolution process. It’s important to note that if you encounter any communications requesting personal information or account details related to Home National Bank via email, be extremely cautious as these could be phishing scams. Legitimate institutions like the FDIC will not request sensitive information through unsolicited emails.
Bank Closure and Receivership
Upon assuming the role of Receiver, the FDIC was tasked with managing the affairs of the closed Home National Bank. This involved several key responsibilities, including the careful management and disposition of the bank’s assets and liabilities. A primary goal of the FDIC in this situation is to ensure that depositors and creditors are handled according to legal priorities and procedures. This process includes the distribution of dividends to approved creditors based on their claim priority.
The FDIC has since completed all necessary actions related to the receivership of Home National Bank. This includes the required distribution of dividends as mandated by law. As a result, the receivership for Home National Bank has been officially terminated.
Acquisition by RCB Bank
Following the closure of Home National Bank, all deposit accounts were seamlessly transferred to RCB Bank, based in Claremore, Oklahoma. This ensured immediate access to funds for all depositors. The former Home National Bank branch location reopened as a branch of RCB Bank, maintaining banking services for the local community without interruption.
For depositors of Home National Bank, it’s crucial to understand that deposits transferred to RCB Bank were separately insured by the FDIC from any existing accounts they might have already held at RCB Bank. This separate insurance coverage was effective for six months following the bank failure, providing an added layer of security during the transition. Checks drawn on Home National Bank prior to its closure were honored, provided sufficient funds were available in the account. Individuals with specific questions regarding their transferred accounts could contact an FDIC representative directly for personalized assistance at 1-800-405-8357.
For broader inquiries about FDIC deposit insurance coverage, the FDIC offers resources such as EDIE, the Electronic Deposit Insurance Estimator, available online. This tool and further information can be accessed by calling 1-877-275-3342. Furthermore, depositors were able to withdraw funds from their transferred accounts without incurring early withdrawal penalties until they established new deposit agreements with RCB Bank, provided the deposits were not pledged as loan collateral. More information about RCB Bank and their services can be found on their website: www.rcbbank.com.
Priority of Claims and Dividend Distribution
In bank receivership scenarios, federal law establishes a clear order of priority for claim payments. After covering administrative expenses associated with managing the failed bank, the order of priority for allowed claims is as follows:
- Depositors: Depositors are given the highest priority, ensuring their funds are returned first, up to the FDIC insurance limit.
- General Unsecured Creditors: These are entities or individuals who are owed money by the bank but do not have collateral to secure their claims.
- Subordinated Debt Holders: These creditors hold debt that is ranked below general creditors in case of liquidation.
- Stockholders: Stockholders are last in line and are typically paid only if assets remain after all other claims are satisfied.
Detailed information regarding the dividend history for Home National Bank and general dividend information for failed financial institutions is publicly accessible through the FDIC’s website. These resources provide transparency into the payout process for creditors.
Receivership Termination
The FDIC, acting as Receiver for Home National Bank, completed all necessary procedures to formally terminate the receivership estate. A legal notice announcing the intent to terminate was published in the Federal Register on August 8, 2016, ensuring public awareness and regulatory compliance.
Having fulfilled all legal requirements and made all mandated dividend distributions, the receivership for Home National Bank was officially terminated on December 1, 2016. At this point, the Receiver was discharged, and the Receivership Estate ceased to exist as a legal entity, marking the formal conclusion of the FDIC’s role in managing the aftermath of Home National Bank’s closure.
