[Federal Register Volume 78, Number 177 (Thursday, September 12, 2013)]
[Notices]
[Page 56228]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-22201]


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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 Hillcrest Bank, Overland Park, Kansas, 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 August 29, 2013.

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 Hillcrest 
Bank, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: On October 22, 2010, Hillcrest Bank, 
Overland Park, Kansas, (FIN 10302) was closed by the Office of 
the State Bank Commissioner of Kansas, 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 Hillcrest Bank, National Association, (``Hillcrest Bank, N.A.''), 
Overland Park, Kansas, to assume all of the deposits (excluding 
brokered 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 June 30, 2013, the maximum value of assets that could be 
available for distribution by the Receiver, together with maximum 
possible recoveries on tax refund claims was $126,154,744. As of the 
same date, administrative expenses and depositor liabilities equaled 
$391,321,173, exceeding available assets and potential recoveries by 
$265,166,429. 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: September 9, 2013.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2013-22201 Filed 9-11-13; 8:45 am]
BILLING CODE 6714-01-P