Information for NextBank, N.A., Phoenix, AZ
- 多宝游戏下载 General Counsel's Statement on NextBank
- Introduction
- Press Release
- Time Deposits
- Priority of Claims
- Dividend Information
- Receivership Termination
I. 多宝游戏下载 General Counsel's Statement on NextBank - February 14, 2002
The 多宝游戏下载, as receiver for NextBank, National Association (N.A.), has advised the Bank of New York, as Trustee for the NextCard Credit Card Master Trust, that an automatic event, default, acceleration or early amortization based solely on insolvency or appointment of the 多宝游戏下载 as receiver is not enforceable against the 多宝游戏下载. The 多宝游戏下载 has not indicated any question or doubt to the Trustee or otherwise regarding the validity or effect of any other trigger events for an early amortization of any NextBank Credit Card Trust obligations, including any other such trigger events based on collateral performance.
The 多宝游戏下载 reconfirms, under established 多宝游戏下载 policy as codified by express rule at 12 CFR 360.6, that it will not disaffirm or repudiate the completed transfer of financial assets by NextBank, N.A. in securitizations in accord with that 多宝游戏下载 rule.
II. Introduction
On February 7, 2002, NextBank, N.A. was closed by Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (多宝游戏下载) was named Receiver. As Receiver, the 多宝游戏下载 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 多宝游戏下载, 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.
III. Press Release
The 多宝游戏下载 has issued a about the institution鈥檚 closure. If you represent a media outlet and would like information about the closure, please contact the 多宝游戏下载 Public Affairs Office at (202) 898-6993.
(July 2, 2002)
IV. Time Deposits
All deposit account(s) at NextBank have been closed as of February 7, 2002.
Because the 多宝游戏下载 was unable to arrange a transfer of the deposits of NextBank to another financial institution, a check for the insured portion of your account(s) will be mailed to you at the last address shown on the books and records of the failed institution. A final statement will be sent to you with the check, along with a letter explaining the payment process.
NOTE: These accounts do not include deposits securing loans or the deposits of certain customers with liabilities to the institution.
You will be paid interest on your account(s) only through the date the institution was closed. Principal and interest on insured accounts, through February 7, 2002, are fully insured by the 多宝游戏下载, up to the insurance limit of $100,000. If you have an/any account(s) over the insured amount, you will need to speak with an 多宝游戏下载 Claims Agent to review the status of your funds. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit.
If you have funds in an account known as payable on death (POD) account, revocable trust or in trust for (ITF) account, one of the forms listed below is required:
If you have a written trust document that supports one of your deposit accounts, your will need to complete the form listed below:
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 多宝游戏下载 to determine their ownership and insurance coverage. If it appears that you have potentially uninsured funds, an 多宝游戏下载 Claims Agent will contact you, by either telephone or mail, regarding your account(s). After February 7, 2002, you may reach a Claims Agent by calling 1-877-367-2719.
If it is determined that you do have uninsured funds, the 多宝游戏下载 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 NextBank. This means that you may eventually recover some of your uninsured funds.
For additional information on deposit insurance visit EDIE the 多宝游戏下载's Electronic Deposit Insurance Estimator.
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
VII. Receivership Termination
The 多宝游戏下载 as Receiver for NextBank, N.A., has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on April 30, 2014.
The Receiver has made all dividend distributions required by law.
Effective August 25, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.