Failed Bank Information for First Alliance Bank & Trust Co., Manchester, NH

Information for First Alliance Bank & Trust Company, Manchester, NH

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Priority of Claims
5. Dividend Information
6. Receivership Termination

I. Introduction

On February 2, 2001, First Alliance Bank & Trust Company, Manchester, NH was closed by the New Hampshire Banking Department, 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 dividends distributions 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 about the institution’s closure.  If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at 202-898-6993.

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III. Acquiring Financial Institution

All deposit accounts were transferred to Southern New Hampshire Bank & Trust, Salem, NH and were available as usual during regular business hours at the following Southern New Hampshire Bank & Trust offices:

Southern New Hampshire Bank & Trust has changed
its legal name and is currently doing
business as Bank of New England

Bank of New England (www.bankofnewengland.com)

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VIII. Priority of Claims

The dividend process is complete. In accordance with Federal law, allowed claims are 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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IX. Dividend Information

Dividend History on First Alliance Bank and Trust Company

Dividend Information on Failed Financial Institutions

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VI. Receivership Termination

The FDIC, as Receiver for First Alliance Bank & Trust Company, Manchester, NH has taken all actions necessary to terminate the Receivership Estate.

The Receiver published legal notice of intent to terminate the receivership in the Union Leader, Manchester, NH on September 23, 2002.

The Receiver has made all dividend distributions required by law.

Effective April 1, 2003, the Receivership Estate has been terminated, the Receiver discharged, and the Receivership Estate has ceased to exist as a legal entity.

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