[Federal Register Volume 76, Number 64 (Monday, April 4, 2011)]
[Notices]
[Page 18551]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-7796]


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FEDERAL DEPOSIT INSURANCE CORPORATION


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

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of United Commercial Bank, San Francisco, California, 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 24, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (949) 208-6200. Written 
correspondence may also be mailed to FDIC as Receiver of United 
Commercial Bank, Attention: Claims Agent, 40 Pacifica, 8th Floor, 
Irvine, California 92618.

SUPPLEMENTARY INFORMATION: On November 6, 2009, United Commercial Bank, 
San Francisco, California, (FIN 10147) was closed by the 
California Department of Financial Institutions, 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 
East West Bank, Pasadena, California, to acquire the deposits and most 
of the assets of the failed institution.
    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 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, including recoveries on claims against directors, officers, 
and other professionals, claims in bankruptcy, and refunds of Federal 
and State taxes, was $2,555,907,701. As of the same date, 
administrative expenses and depositor liabilities equaled 
$4,889,458,384, exceeding available assets by $2,333,550,683. 
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. 2011-7796 Filed 4-1-11; 8:45 am]
BILLING CODE 6714-01-P