Failed Bank Information for Bay National Bank, Baltimore, MD

Information for Bay National Bank, Baltimore, MD

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Priority of Claims
5. Dividend Information
6. Purchase and Assumption Agreement (862 KB PDF File - PDF Help)
7. Bid Summary
8. Receivership Termination

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I. Introduction

On Friday, July 9, 2010, Bay National Bank, Baltimore, MD was closed by the Office of the Comptroller of the Currency and, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distrubutions as required by law and the receivership estate is deemed terminated.

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II. Press Release

The FDIC has issued a press release (PR -149 -2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 1-202-898-3876.

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III. Acquiring Financial Institution

All deposit accounts have been transferred to Bay Bank, FSB, Lutherville, MD. ("assuming institution") and will be available immediately. The former Bay National Bank locations will reopen as Bay Bank, FSB during regular business hours.

Checks that were drawn on Bay National Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-387-1257.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

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IV. Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders

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V. Dividend Information

Dividend History on Bay National Bank
Dividend Information on Failed Financial Institutions

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VIII. Receivership Termination

The FDIC as Receiver for Bay National Bank has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership on August 27, 2012.

The Receiver has made all dividend distributions required by law.

Effective December 1, 2012, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.

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