[Federal Register Volume 77, Number 228 (Tuesday, November 27, 2012)]
[Notices]
[Page 70779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28761]


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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 Darby Bank and Trust Co., Vidalia, Georgia, to make any 
distribution on general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on November 11, 2012.

FOR FURTHER INFORMATION CONTACT: 
    If you have questions regarding this notice, you may contact an 
FDIC Claims Agent at (904) 256-3925. Written correspondence may also be 
mailed to FDIC as Receiver of Darby Bank and Trust Co., Attention: 
Claims Agent, 8800 Baymeadows Way West, Jacksonville, FL 32256.

SUPPLEMENTARY INFORMATION: On November 12, 2010, Darby Bank and Trust 
Co., Vidalia, Georgia, (FIN 10312) was closed by the Georgia 
Department of Banking and Finance, 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 Ameris 
Bank, Moultrie, Georgia, to acquire all of the deposits and most of the 
assets of the failed institution.
    Section 11(d)(11)(A) of the FDI 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 September 30, 2012, the maximum value of assets that could be 
available for distribution by the Receiver, together with maximum 
possible recoveries on professional liability claims against directors, 
officers, and other professionals, as well as potential tax refunds, 
was $125,488,526. As of the same date, administrative expenses and 
depositor liabilities equaled $173,303,177, exceeding available assets 
and potential recoveries by at least $47,814,651. 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: November 21, 2012.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2012-28761 Filed 11-26-12; 8:45 am]
BILLING CODE 6714-01-P