For immediate release
March 1, 2012
PA Treasurer McCord: Nearly Half a Million Dollars from Failed U.S. Banks Possibly Owed to Pennsylvanians Treasury seeks more than 1,300 dormant account owners with last known addresses in PA
Harrisburg – Nearly half a million dollars from 29 failed banks across the country – including two in Pennsylvania – may belong to residents, businesses and organizations of the Commonwealth, State Treasurer Rob McCord said today as he launched an effort to reunite the property with its rightful owners.
In total, Treasurer McCord said the Federal Deposit Insurance Corporation (FDIC) turned over about $492,000 in dormant bank accounts to Treasury after the federal agency’s attempts to locate owners proved futile. The accounts are believed to belong to more than 1,300 owners with last known address in Pennsylvania.
“The McCord Treasury has taken up the search to locate owners of these dormant accounts from failed banks,” Treasurer McCord said. “There is a need for speed, though. Under the state’s unclaimed property law, your right to initiate a claim lasts in perpetuity, but federal unclaimed property guidelines give owners only 10 years to claim their money.
“If you, a family member, or a friend ever had an account at any of these banks, I urge you and them to search our unclaimed property database for free at www.patreasury.gov.”
The largest claim the FDIC turned over to Treasury was for $99,385, which belongs to a company in Wyndmoor, Montgomery County. The largest amount due to an individual (whose last known address is in Philadelphia) is $17,591.
Only two of the failed banks were located in Pennsylvania – Pittsburgh’s Dwelling House Savings & Loan Association and Philadelphia’s Meritor Savings Bank. Active accounts from Dwelling House and Meritor were absorbed by PNC Bank and BNY Mellon, respectively, during mergers and acquisitions. The banks include:
Colonial Bank, Alabama
California National Bank, California
County Bank, California
Downey Savings and Loans, California
IndyMac Bank, California
Pacific National Bank, California
Temecula Valley, California
Vineyard Bank, California
BankUnited Federal Savings Bank, Florida
Net 1st National Bank, Florida
Riverside Bank of the Gulf Coast, Florida
ebank , Georgia
Neighborhood Community Bank, Georgia
NetBank Federal Savings Bank, Georgia
Omni National Bank, Georgia
Corus Bank NA, Illinois
Irwin Union Bank and Trust, Indiana
Bradford Bank, Maryland
Suburban Federal Savings Bank, Maryland
Warren Bank, Michigan
Cooperative Bank, North Carolina
First Federal Savings & Loan Assn., North Carolina
Dwelling House Savings & Loan, Pennsylvania
Meritor Savings Bank, Pennsylvania
Guaranty Bank, Texas
Millennium State Bank of Texas, Texas
Imperial Capital Bank, Virginia
Bank of Clark County, Washington
Venture Bank, Washington
Generally speaking, unclaimed property is any financial asset that has been left with a business or organization without activity or contact for at least one year. Examples include bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, expired gift cards, savings and checking accounts, escrow accounts, money orders, travelers checks, utility refunds, insurance proceeds, stocks and bonds, and the contents of safe deposit boxes.
Under the federal Unclaimed Deposits Amendment Act, the state of the depositor's last known address receives the money. Yet after a 10-year custody period – during which time rightful owners may file a claim – the remaining money must be returned in its entirety to the FDIC.
Treasurer McCord’s Return Team is working hard to locate the rightful owners of about $1.8 billion in unclaimed property. Since January 2009, the department has returned nearly $300 million to rightful owners