[Federal Register Volume 78, Number 112 (Tuesday, June 11, 2013)]
[Notices]
[Page 35032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-13741]


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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 K Bank, Randallstown, Maryland, 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 June 4, 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 K Bank, 
Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: On November 5, 2010, K Bank, Randallstown, 
Maryland, (FIN 10308) was closed by the Maryland Office of 
Financial Regulation, 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 Manufacturers and 
Traders Trust Company (``M&T Bank''), Buffalo, New York, 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 March 31, 2013, the maximum value of assets that could be 
available for distribution by the Receiver, together with maximum 
possible recoveries on professional liability claims was $135,461,147. 
As of the same date, administrative expenses and depositor liabilities 
equaled $247,721,021, exceeding available assets and potential 
recoveries by $112,259,874. Accordingly, the FDIC has determined that 
insufficient assets exist to make any distribution on general unsecured 
claims (and any lower priority claims) and therefore all such claims, 
asserted or unasserted, will recover nothing and have no value.


Federal Deposit Insurance Corporation.
    Dated: June 5, 2013.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2013-13741 Filed 6-10-13; 8:45 am]
BILLING CODE 6714-01-P