Hamilton Bank, N.A., Miami, FL, Closing Information
- Introduction
- Press Release
- Acquiring Financial Institution
- Notice Regarding Distributions from Individual Retirement arrangements ("IRAs")
- Priority of Claims
- Dividend Information
- Receivership Termination
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
I. Introduction
On January 11, 2002, Hamilton Bank, National Association (N.A.), Miami, FL was closed by 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 distributions as required by law and the receivership is deemed terminated.
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.
PR-4-2002 FDIC to Market Hamilton Bank, N.A., Assets
III. Acquiring Financial Institution
All insured deposit accounts at the following branches have been transferred to Israel Discount Bank of New York, New York, N Y ("assuming institution") and will be available as usual during regular business hours:
Main (Doral) Office - 3750 NW 87th Avenue, Miami
Brickell Branch - 1000 Brickell Avenue, Miami
West Palm Beach Branch - 2090 Palm Beach Lakes Boulevard, West Palm Beach
All insured transactional accounts (savings, checking, money market) have been transferred to Israel Discount Bank of New York, New York, NY ("assuming institution") for the following branches:
Weston Branch - 2700 Commerce Parkway, Weston
Airport Branch - 3901 NW 7th Street, Miami
Sarasota Branch - 1790 Main Street, Sarasota
Winter Haven Branch - 1120 1st Street South, Winter Haven
Tampa Branch - 2203 N. Lois Avenue, Tampa
Puerto Rico Branch - 416 Ponce de Leon Avenue, San Juan, Puerto Rico
The Weston, Airport, Sarasota, Winter Haven, Tampa, and Puerto Rico branches will not be re-opening . FDIC was unable to find a purchaser for the non-transactional (Certificate of Deposit or Individual Retirement Account) account holders in these six branches. Checks will be mailed for the insured portion of these account(s) to the last address shown on the records of the failed institution.
Safe Deposit Boxes at Main (Doral), Brickell (Downtown) and West Palm Beach branches will be open as usual during regular business hours and will remain available to bank customers.
If you have a safe deposit box at the Weston, Airport, Sarasota, Winter Haven, Tampa, and Puerto Rico Hamilton Bank branches, please contact FDIC Customer Service at 877-367-2717 to make an appointment to arrange access to the boxes.
Principal and interest on insured accounts, through January 11, 2002, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $100,000 limit.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Hamilton Bank. This means that you may eventually recover some of your uninsured funds.
All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If it appears that you have potentially uninsured funds, an FDIC Claims Agent will contact you, by either telephone or mail, regarding your account(s).
If you believe you have uninsured funds, you may make an appointment to meet with a Claims Agent by calling 877-367-2717.
Your transferred deposits will be separately insured from any accounts you may already have at Israel Discount Bank of New York for six months after the failure of Hamilton Bank. Checks that were drawn on Hamilton Bank that did not clear before the institution closed will be honored, so long as there are sufficient insured funds available in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 877-367-2717.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Israel Discount Bank of New York (provided the deposits are not pledged as collateral for loans).
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
IV. Notice Regarding Distributions from Individual Retirement Arrangements ("IRAs")
On January 11, 2002 (the "Closing Date"), the Office of Comptroller of the Currency closed Hamilton Bank, N.A., Miami, Florida (the "Failed Institution") and appointed the Federal Deposit Insurance Corporation as Receiver (the "Receiver"). The Federal Deposit Insurance Corporation, in its capacity as the Receiver, is liquidating the Failed Institution and the Federal Deposit Insurance Corporation, in its capacity as the insurer of deposits ("FDIC"), is paying deposit insurance to depositors for certain account(s) held at the Failed Institution. The FDIC protects depositors up to $100,000 and is providing the funds to pay your insured deposits.
If you receive a deposit insurance check that represents a distribution from an Individual Retirement Arrangement ("IRA"), you should consult IRS Publication 590 and/or your tax advisor concerning the possible tax onsequences of such distribution. The following information does not constitute tax advice and, if you have any questions concerning the possible tax consequences of such distribution, you should contact the IRS. IRS Publication office or via the Internet at www.irs.gov.
Generally, a distribution from a traditional IRA can be rolled over tax-free into another traditional IRA for a limited period of time (usually 60 days) following the date the distribution is received. Amounts not rolled over within the 60-day period will generally be treated as a taxable distribution subject to income tax and may be subject to a 10% penalty.
Please also note that, generally, you can receive a distribution from a traditional IRA and make a rollover contribution (of all or part of the amount received) to another traditional IRA only once in any one-year period. To the extent that such waiting period might otherwise apply to you and result in a taxable distribution because you have made a tax-free rollover within the past year, you should know that an exception to the one-year waiting period rule has been granted by the IRS for distributions made from a failed financial institution by the Federal Deposit Insurance Corporation.
The FDIC will be providing all IRS reporting requirements (1098 for interest paid, 1099 for interest earned and IRA-related forms) for Hamilton Bank for the tax year of 2001. It will be mailed to your address of record at the bank.
Again, should you have any tax-related questions, please contact the IRS or your tax advisor.
V. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
VI. Dividend Information
Dividend History on Hamilton Bank
Dividend on Failed Financial Institutions
VII. Receivership Termination
The FDIC as Receiver for Hamilton Bank, N.A., Miami, FL, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on September 2, 2014.
The Receiver has made all dividend distributions required by law.
Effective August 1, 2015, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.