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Understanding the Closure of Metro Bank of Dade County
On July 16, 2010, Metro Bank of Dade County, located in Miami, Florida, was closed by the Florida Office of Financial Regulation. Following this closure, the Federal Deposit Insurance Corporation (FDIC) was appointed as Receiver. This action is standard procedure when a financial institution fails, and the FDIC steps in to manage the resolution process.
The FDIC, in its role as Receiver, is responsible for managing the affairs of the closed bank. This involves selling assets, settling liabilities, and distributing dividends to approved creditors based on legal priority. For Metro Bank of Dade County, the FDIC has completed all necessary actions to conclude the receivership. All legally required dividend distributions have been made, and the receivership has been officially terminated.
Official Press Release on Metro Bank Closure
The FDIC issued a formal press release (PR-157-2010) at the time of Metro Bank of Dade County’s closure. This release provides details about the circumstances and initial steps taken. For media inquiries related to the closure, please contact Greg Hernandez at 1-202-898-6984, as indicated in the original announcement.
Transfer of Deposit Accounts to NAFH National Bank
Upon the closure of Metro Bank of Dade County, all deposit accounts, with the exception of certain brokered deposits, were seamlessly transferred to NAFH National Bank, also located in Miami, FL. This ensured immediate access to funds for depositors. The former branches of Metro Bank of Dade County reopened as branches of NAFH National Bank, maintaining continuity for customers at the same locations and initially operating under the Metro Bank name during the transition.
It’s important to note that deposits transferred to NAFH National Bank were separately insured from any existing accounts at NAFH National Bank for a period of six months following the Metro Bank closure. This provided extended deposit insurance protection during the transition. Furthermore, checks drawn on Metro Bank of Dade County that were in process at the time of closure were honored, provided sufficient funds were available in the account. For any questions regarding accounts transferred to NAFH National Bank, individuals could contact an FDIC representative directly at 1-800-430-8098 for personalized assistance.
For general inquiries about FDIC deposit insurance coverage and how it protects your funds, the FDIC provides resources such as EDIE, the Electronic Deposit Insurance Estimator. You can reach the FDIC’s general deposit insurance information line at 1-877-275-3342 or explore the EDIE tool online:
EDIE – FDIC’s Electronic Deposit Insurance Estimator
Additionally, depositors were granted the flexibility to withdraw funds from their transferred accounts without incurring early withdrawal penalties, offering immediate access to their money without restrictions, provided the deposits were not pledged as loan collateral and until a new deposit agreement was established with NAFH National Bank.
Understanding the Priority of Claims Against Metro Bank
In the event of a bank failure like that of Metro Bank of Dade County, Federal law establishes a clear order of priority for the payment of claims from the bank’s assets. After covering administrative expenses associated with the receivership, the priority is as follows:
- Depositors: Depositors are given the highest priority, ensuring their funds are repaid first.
- General Unsecured Creditors: These are entities or individuals owed money by the bank without specific collateral pledged.
- Subordinated Debt Holders: Holders of subordinated debt, a type of loan that ranks below other debts in case of liquidation.
- Stockholders: Stockholders are last in line, meaning they are only paid if any assets remain after all other claims have been satisfied.
Accessing Dividend Information Related to Metro Bank
For those seeking information regarding dividends paid out from the Metro Bank of Dade County receivership, the FDIC provides public access to dividend history and information on failed financial institutions. You can find specific details for Metro Bank of Dade County at the following link:
Dividend History on Metro Bank of Dade County
For broader information on dividend payouts related to failed financial institutions in general, the FDIC offers a dedicated resource page:
Dividend Information on Failed Financial Institutions
Receivership Termination of Metro Bank of Dade County
The FDIC, acting as Receiver for Metro Bank of Dade County, Miami, FL, officially concluded all necessary actions to terminate the Receivership Estate. Public notice of the intent to terminate the receivership was published in the Federal Register on April 6, 2016, providing transparency and legal notification of the process.
Having completed all legally required dividend distributions to creditors, the Receivership Estate for Metro Bank of Dade County was formally terminated on August 1, 2016. As of this date, the Receiver was discharged from responsibilities, and the Receivership Estate ceased to exist as a legal entity, marking the finalization of the FDIC’s intervention related to Metro Bank of Dade County.
