Questions and Answers
What is Settlement?
"Settlement is the administration of the P&A Agreement between an Assuming Institution, ¶à±¦ÓÎÏ·ÏÂÔØ in its corporate capacity, and ¶à±¦ÓÎÏ·ÏÂÔØ as receiver for a failed institution. The Assuming Institution purchases certain assets, assumes certain liabilities, and is obligated to perform administrative duties detailed in the agreement."

When does the Settlement begin?
Settlement begins when the ¶à±¦ÓÎÏ·ÏÂÔØ is appointed receiver of the failed institution by the chartering authority and a P&A is executed with a winning bidder.

How long does the settlement period last?
The settlement period may last up to 364 days after bank failure.

What happens during the settlement period?
"Settlement activities include purchases and sales, reimbursement of expenses, adjustments to book value, correction of errors and omissions, and the processing of official notifications on contract options."

Where can I find public information about the Assuming Institution and the Purchase and Assumption Agreement?
"Shortly after the chartering authority closes the institution, ¶à±¦ÓÎÏ·ÏÂÔØ publishes the Purchase and Assumption Agreement and the public bid summary on the ¶à±¦ÓÎÏ·ÏÂÔØ's Failed Bank List website."

How does the Assuming Institution request access to the PASS Bankers Portal?
The Assuming Institution Settlement point of contact should contact the ¶à±¦ÓÎÏ·ÏÂÔØconnect coordinator at one's financial institution to request access.

How does an Assuming Institution determine who is the ¶à±¦ÓÎÏ·ÏÂÔØconnect coordinator for their financial institution?
The Assuming Institution Settlement point of contact can contact the ¶à±¦ÓÎÏ·ÏÂÔØconnect Help Desk for assistance.