[Federal Register Volume 76, Number 64 (Monday, April 4, 2011)]
[Notices]
[Pages 18551-18552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-7797]


-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Miami Valley Bank, Lakeview, Ohio, to make any 
distribution to general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on March 28, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written 
correspondence may also be mailed to FDIC as Receiver of Miami Valley 
Bank, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: 
    On October 4, 2007, Miami Valley Bank, Lakeview, Ohio, (FIN 
10002) was closed by the Department of Financial Institutions 
for the State of Ohio, and the Federal Deposit Insurance Corporation 
(``FDIC'') was appointed as its receiver (``Receiver''). In complying 
with its statutory duty to resolve the institution in the method that 
is least costly to the deposit insurance fund, see 12 U.S.C. 
1823(c)(4)), the FDIC facilitated a transaction with The Citizens 
Banking Company, Sandusky, Ohio, to assume the insured deposits of the 
failed institution, while retaining the remaining assets of the bank 
for later disposition.
    Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 
U.S.C. 1821(d)(11)(A), sets forth the order of priority for 
distribution of amounts realized from the liquidation or other 
resolution of an insured depository

[[Page 18552]]

institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims.
    As of December 31, 2010, the value of assets available for 
distribution by the Receiver, together with all expected recovery 
sources, was $14,671,702. As of the same date, administrative expenses 
and depositor liabilities equaled $41,374,312, exceeding available 
assets by at least $26,702,610. Accordingly, the FDIC has determined 
that insufficient assets exist to make any distribution on general 
unsecured creditor claims (and any lower priority claims) and therefore 
all such claims, asserted or unasserted, will recover nothing and have 
no value.

    Dated: March 29, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-7797 Filed 4-1-11; 8:45 am]
BILLING CODE 6714-01-P