We have been advised that on August 19, 2011, the Office of the Comptroller of the Currency closed Lydian Private Bank, Palm Beach, Florida including its division Virtual Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sabadell United Bank, National Association, Miami, Florida to assume all of the deposits of Lydian Private Bank including its division Virtual Bank.
The five branches of Lydian Private Bank will reopen as branches of Sabadell United Bank, National Association and will automatically become depositors of Sabadell United Bank, National Association. We have been advised that deposits of Lydian Private Bank and its division Virtual Bank will continue to be insured by the FDIC, and that checks drawn on the bank will continue to be processed.
If you have any questions about the change-over, you can call the FDIC toll-free at 800-523-0640, or you can visit the FDIC's web site at: http://www.fdic.gov.
This ALERT has been published for the sole purpose of meeting the company's predetermined underwriting criteria, and should in no way be construed as the opinion of The Fund as to the financial stability or impropriety of the parties or entities named in this ALERT.
** This Alert should be kept as a permanent part of your records to assist in your compliance with the requirements contained herein. **
Please provide a copy of this Alert to your staff so they can read it and become aware of its contents.
Should you have any questions please call The Fund's Underwriting Department at
800-432-9594
For North Carolina and South Carolina call 800-561-1151.