Based n FDIC data looks to be no creditor claims
What about Unpaid Deposit Claims? Does that come out of reamining assets B4 liquidation?
Failed Bank Information
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NEXITY BANK - Receivership Balance Sheet Summary (Unaudited)
Fund Code: 10356
Failure Date: 04/15/2011
For Period Ending June 30, 2011
(in $000's)
Assets Current
Balance
Cash / Investments $ 148
Assets in Liquidation 52,631
Estimated Loss on Assets in Liquidation (1) (30,002)
Total Assets $ 22,777
Liabilities Current
Balance
Administrative Liabilities $ (60,882)
FDIC Subrogated Deposit Claim 281,522
Uninsured Deposit Claims 0
Other Claimants 0
Liabilities at Inception - Unproven 1,027
Total Liabilities (2) $ 221,667
Net Worth (Deficit) (198,890)
Total Liabilities and Net Worth $ 22,777
. Proven Deposit Claims Claim
Balance %
FDIC Subrogated Claim $ 607,032 100%
Uninsured Depositors 0 0%
SubTotal - Proven Deposit Claims $ 607,032 100%
Less: Dividends Paid to Date 325,510 54%
Total Unpaid Deposit Claims $ 281,522 46%
Other Claimants Claim
Balance %
General Creditor $ 0 0%
Senior Debt Holders 0 0%
Subordinated Debt Holders 0 0%
SubTotal - Other Claimants $ 0 0%
Less: Dividends Paid to Date 0 0%
Total Unpaid Other Claimants $ 0 0%
(1) Valuation of Assets/Loss Allowances: Assets of the receivership are shown at values representing cash on deposit or the book value of amounts invested; the principal balance of loans, notes, other debt instruments or receivables (note that interest on these assets is not accrued after failure but is recognized when received); the foreclosed value of real and/or personal property or the book value of assets (cost less depreciation or amortization through date of the institution’s failure); and the historical cost of the net investment in subsidiaries, partnerships or joint ventures, adjusted where appropriate to reflect the receivership’s portion of the underlying net earnings or losses. An Estimated Loss on Assets is provided when anticipated future asset disposition proceeds, including associated expenses, are less than recorded amounts. Future asset disposition proceeds are generally estimated by determining, via sampling or recent disposition activity, the recovery rates for similar assets across all receiverships. However, actual recovery rates for this receivership may differ according to the quality and type of individual asset, as well as over time with changing market conditions. Accordingly, the gains or losses ultimately realized for this receivership will likely vary from amounts estimated.
(2) The Total Liabilities line item reflects those actual and accrued liabilities recorded on the accounting records of this receivership as of the date of this report. The Total Liabilities line item may not include other liabilities arising from Estimated Interest on Claims and Income Taxes, as these liabilities may not be recognized as of the report date, in accordance with current receivership accounting practices.
